3 Biotech Stocks to Buy Instead of Palatin Technologies (PTN)

Palatin Technologies, Inc. (PTN) has faced significant share declines, coupled with negative analyst estimates and limited profitability. However, the biotechnology industry as a whole is steadily expanding due to rapid drug development, technological innovations, and robust government support.

In light of these industry dynamics, investors might want to consider investing in more fundamentally sound biotech stocks Protalix BioTherapeutics, Inc. (PLX), Exelixis, Inc. (EXEL) and Jazz Pharmaceuticals plc (JAZZ) for potentially better returns. Let’s understand this in detail.

PTN’s stock has plunged 46.6% over the past six months and 71.2% over the past year, closing the last trading session at $1.65. Analysts expect the company’s revenue to grow 107.8% year-over-year to $9.28 million for the fiscal year ending June 2024. However, the company is also expected to report a loss per share of $1.78 for the same period.

Furthermore, PTN’s trailing-12-month ROCE, ROTC, and ROTA stands at negative 157.10%, negative 112.50%, and negative 115.57%. Additionally, PTN’s trailing-12-month asset turnover ratio of 0.11x is 70.5% lower than the industry average of 0.38x.

Conversely, the biotech industry is flourishing due to…

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