Palatin Technologies’ (PTN) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of Palatin Technologies (NYSEAMERICAN:PTN) in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a $17.00 price objective on the biopharmaceutical company’s stock.

Palatin Technologies Stock Up 2.9 %

NYSEAMERICAN:PTN opened at $2.11 on Thursday. Palatin Technologies has a one year low of $1.43 and a one year 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 issued its earnings results 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 return on equity of 583.06% and a negative net margin of 445.12%. The company had revenue of $2.03 million during the quarter, compared to analyst estimates of $2.28 million. During the same period last year, the business earned ($0.13) earnings per share. As a group, equities research analysts anticipate that Palatin Technologies will post -2.36 earnings per share for the current 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 Palatin Technologies, Inc. (NYSEAMERICAN:PTN) during the 4th quarter, according to its most recent 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 about 4.29% of Palatin Technologies as of its most recent filing with the Securities and Exchange Commission. 11.50% of the stock is owned by hedge funds and other institutional investors.

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.