Palatin Technologies, Inc. (PTN) Posts Quarterly Earnings Results, Hits Estimates
Palatin Technologies, Inc. (NYSE:PTN) posted its quarterly earnings data on Tuesday. The biopharmaceutical company reported ($0.08) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.08). During the same quarter in the previous year, the business posted ($0.08) earnings per share.
Palatin Technologies (NYSE:PTN) opened at 0.513 on Wednesday. Palatin Technologies has a 52 week low of $0.36 and a 52 week high of $0.86. The company has a 50-day moving average of $0.55 and a 200-day moving average of $0.54. The stock’s market cap is $44.08 million.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Baker BROS. Advisors LP purchased a new position in shares of Palatin Technologies during the third quarter valued at $1,289,000. Sphera Funds Management LTD. increased its position in Palatin Technologies by 87.7% in the third quarter. Sphera Funds Management LTD. now owns 1,906,037 shares of the biopharmaceutical company’s stock worth $1,199,000 after buying an additional 890,663 shares in the last quarter. Vivo Capital LLC bought a new position in Palatin Technologies during the first quarter worth approximately $127,000. National Asset Management Inc. increased its position in Palatin Technologies by 71.4% in the third quarter. National Asset Management Inc. now owns 240,000 shares of the biopharmaceutical company’s stock worth $151,000 after buying an additional 100,000 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in Palatin Technologies by 1.2% in the second quarter. Vanguard Group Inc. now owns 1,578,758 shares of the biopharmaceutical company’s stock worth $696,000 after buying an additional 19,300 shares in the last quarter.
Several research firms have recently commented on PTN. Roth Capital reissued a “buy” rating and issued a $7.00 price objective (up previously from $4.00) on shares of Palatin Technologies in a research note on Friday, November 4th. Canaccord Genuity set a $6.00 price objective on shares of Palatin Technologies and gave the company a “buy” rating in a research note on Wednesday, November 2nd. Zacks Investment Research raised shares of Palatin Technologies from a “hold” rating to a “buy” rating and set a $0.75 price objective for the company in a research note on Friday, September 23rd. Finally, S&P Equity Research lowered their price objective on shares of Palatin Technologies from $0.61 to $0.55 in a research note on Thursday, September 22nd.
About Palatin Technologies
Palatin Technologies, Inc is a biopharmaceutical company that develops targeted, receptor-specific peptide therapeutics for the treatment of diseases. The Company’s programs are based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems. Its primary product in clinical development is Bremelanotide, which is used for the treatment of female sexual dysfunction (FSD).
Receive News & Stock Ratings for Palatin Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Palatin Technologies Inc. and related stocks with our FREE daily email newsletter.