HC Wainwright Reaffirms Buy Rating for Palatin Technologies (NYSEAMERICAN:PTN)

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

Palatin Technologies Stock Up 2.9 %

Shares of PTN stock opened at $2.11 on Thursday. Palatin Technologies has a fifty-two week low of $1.43 and a fifty-two week high of $5.65. The company has a market capitalization of $34.06 million, a P/E ratio of -0.82 and a beta of 0.86.

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

Institutional Trading of Palatin Technologies

An institutional investor recently bought a new position in Palatin Technologies stock. Armistice Capital LLC bought a new position in shares of Palatin Technologies, Inc. (NYSEAMERICAN:PTN) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 590,000 shares of the biopharmaceutical company’s stock, valued at approximately $2,348,000. Armistice Capital LLC owned about 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.