Palatin Technologies’ (PTN) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reissued their buy rating on shares of Palatin Technologies (NYSEAMERICAN:PTN) in a research report released on Thursday morning, Benzinga reports. The brokerage currently has a $17.00 price target on the biopharmaceutical company’s stock.

Palatin Technologies Trading Up 2.9 %

Palatin Technologies stock opened at $2.11 on Thursday. Palatin Technologies has a 12-month low of $1.43 and a 12-month high of $5.65.

Palatin Technologies (NYSEAMERICAN:PTN) last announced its quarterly earnings results on Wednesday, February 14th. The biopharmaceutical company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.36). Palatin Technologies had a negative return on equity of 583.06% and a negative net margin of 445.12%. The business had revenue of $2.03 million for the quarter, compared to analysts’ expectations of $2.28 million. During the same period last year, the firm earned ($0.13) earnings per share. As a group, analysts forecast that Palatin Technologies will post -2.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Palatin Technologies stock. Armistice Capital LLC purchased a new position in shares of Palatin Technologies, Inc. (NYSEAMERICAN:PTN) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 590,000 shares of the biopharmaceutical company’s stock, valued at approximately $2,348,000. Armistice Capital LLC owned 4.29% of Palatin Technologies as of its most recent SEC filing. Institutional investors and hedge funds own 11.50% of the company’s stock.

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.