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

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

Palatin Technologies Trading Up 2.9 %

PTN stock opened at $2.11 on Thursday. The firm has a market capitalization of $34.06 million, a P/E ratio of -0.82 and a beta of 0.86. 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 data 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 analyst estimates of $2.28 million. During the same period in the prior year, the firm earned ($0.13) earnings per share. Equities analysts anticipate that Palatin Technologies will post -2.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Palatin Technologies

A hedge fund recently bought a new stake in Palatin Technologies stock. Armistice Capital LLC acquired a new position in shares of Palatin Technologies, Inc. (NYSEAMERICAN:PTN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 590,000 shares of the biopharmaceutical company’s stock, valued at approximately $2,348,000. Armistice Capital LLC owned approximately 4.29% of Palatin Technologies at the end of the most recent reporting period. 11.50% of the stock is owned by institutional investors and hedge funds.

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.