Palatin Technologies (NYSEAMERICAN:PTN) Receives Buy Rating from HC Wainwright

Palatin Technologies (NYSEAMERICAN:PTN)‘s stock had its “buy” rating reiterated by HC Wainwright in a research note issued to investors on Monday,Benzinga reports. They currently have a $17.00 target price on the biopharmaceutical company’s stock.

Palatin Technologies Price Performance

Shares of NYSEAMERICAN PTN traded up $0.15 during mid-day trading on Monday, reaching $1.11. The company had a trading volume of 109,070 shares, compared to its average volume of 345,788. The company has a market capitalization of $21.70 million, a price-to-earnings ratio of -0.56 and a beta of 0.93. Palatin Technologies has a 52-week low of $0.68 and a 52-week high of $5.65.

Palatin Technologies (NYSEAMERICAN:PTN) last issued its quarterly earnings results on Tuesday, October 1st. The biopharmaceutical company reported ($0.51) earnings per share (EPS) for the quarter. As a group, sell-side analysts forecast that Palatin Technologies will post -1.66 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. XTX Topco Ltd grew its holdings in shares of Palatin Technologies by 98.6% during the third quarter. XTX Topco Ltd now owns 29,063 shares of the biopharmaceutical company’s stock valued at $26,000 after purchasing an additional 14,432 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of Palatin Technologies during the third quarter valued at $51,000. Finally, Armistice Capital LLC acquired a new position in Palatin Technologies during the 2nd quarter valued at about $3,272,000. 11.50% of the stock is owned by hedge funds and other institutional investors.

About Palatin Technologies

Palatin Technologies, Inc, a biopharmaceutical company, develops targeted receptor-specific therapeutics for the treatment of various diseases in the United States. The company's lead product is Vyleesi, a melanocortin receptor (MCr) agonist for the treatment of premenopausal women with hypoactive sexual desire disorder.