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

HC Wainwright reaffirmed their buy rating on shares of Palatin Technologies (NYSEAMERICAN:PTN) in a research note issued to investors on Wednesday morning, Benzinga reports. HC Wainwright currently has a $17.00 price target on the biopharmaceutical company’s stock.

Palatin Technologies Stock Performance

PTN opened at $2.10 on Wednesday. Palatin Technologies has a 52-week low of $1.43 and a 52-week high of $5.65. The stock has a market cap of $33.89 million, a P/E ratio of -0.79 and a beta of 0.86.

Palatin Technologies (NYSEAMERICAN:PTN) last announced its 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 net margin of 445.12% and a negative return on equity of 583.06%. The business had revenue of $2.03 million during the quarter, compared to the consensus estimate of $2.28 million. During the same period in the previous year, the firm posted ($0.13) EPS. Equities research analysts predict that Palatin Technologies will post -2.36 EPS for the current year.

Institutional Trading of Palatin Technologies

A hedge fund recently bought a new stake in Palatin Technologies stock. Armistice Capital LLC bought a new position in shares of Palatin Technologies, Inc. (NYSEAMERICAN:PTN) during the 4th quarter, according to its most recent disclosure with the SEC. The fund bought 590,000 shares of the biopharmaceutical company’s stock, valued at approximately $2,348,000. Armistice Capital LLC owned 4.29% of Palatin Technologies at the end of the most recent quarter. 11.50% of the stock is currently owned by institutional investors.

Palatin Technologies Company Profile

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.