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

Palatin Technologies (NYSEAMERICAN:PTN)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a research note issued on Wednesday, Benzinga reports. They currently have a $17.00 target price on the biopharmaceutical company’s stock.

Palatin Technologies Trading Down 1.4 %

Shares of PTN stock traded down $0.03 during mid-day trading on Wednesday, reaching $2.05. 74,326 shares of the company were exchanged, compared to its average volume of 580,599. The company has a market capitalization of $33.09 million, a P/E ratio of -0.81 and a beta of 0.86. Palatin Technologies has a fifty-two week low of $1.43 and a fifty-two week 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 for the quarter, missing the consensus estimate of ($0.20) by ($0.36). The company had revenue of $2.03 million for 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 period in the prior year, the business earned ($0.13) earnings per share. On average, research analysts predict that Palatin Technologies will post -2.36 EPS for the current year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Palatin Technologies stock. Armistice Capital LLC bought a new position in Palatin Technologies, Inc. (NYSEAMERICAN:PTN) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm 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 reporting period. 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.