Canaccord Genuity Analysts Give Palatin Technologies, Inc. (PTN) a $6.00 Price Target

Palatin Technologies, Inc. (NYSE:PTN) has been given a $6.00 target price by stock analysts at Canaccord Genuity in a report issued on Tuesday, May 16th. The firm presently has a “buy” rating on the biopharmaceutical company’s stock.

A number of other analysts have also weighed in on PTN. Zacks Investment Research upgraded shares of Palatin Technologies from a “hold” rating to a “buy” rating and set a $0.50 target price on the stock in a research note on Friday, January 27th. Roth Capital restated a “buy” rating and set a $1.50 target price on shares of Palatin Technologies in a research note on Wednesday, January 25th.

Shares of Palatin Technologies (PTN) remained flat at $0.35 during midday trading on Tuesday. The company’s stock had a trading volume of 1,418,945 shares. The firm’s market capitalization is $53.48 million. The firm’s 50-day moving average is $0.40 and its 200 day moving average is $0.42. Palatin Technologies has a 12 month low of $0.29 and a 12 month high of $0.90.

Palatin Technologies (NYSE:PTN) last issued its quarterly earnings results on Thursday, May 18th. The biopharmaceutical company reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.10 by $0.12. The business had revenue of $10.82 million for the quarter, compared to the consensus estimate of $60 million. During the same quarter in the previous year, the business earned ($0.01) EPS. On average, equities analysts expect that Palatin Technologies will post ($0.06) earnings per share for the current fiscal year.

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A number of institutional investors have recently made changes to their positions in the stock. National Asset Management Inc. increased its position in shares of 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 during the period. Sphera Funds Management LTD. increased its position in shares of 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 during the period. Sabby Management LLC increased its position in shares of Palatin Technologies by 21.1% in the first quarter. Sabby Management LLC now owns 2,025,729 shares of the biopharmaceutical company’s stock worth $663,000 after buying an additional 353,156 shares during the period. Broadfin Capital LLC acquired a new position in shares of Palatin Technologies during the fourth quarter worth about $1,943,000. Finally, Baker BROS. Advisors LP acquired a new position in shares of Palatin Technologies during the third quarter worth about $1,289,000.

About Palatin Technologies

Palatin Technologies, Inc is a biopharmaceutical company. The Company is engaged in developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Its programs are based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems.

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