Palatin Technologies (PTN) Shares Gap Up to $0.84

Shares of Palatin Technologies, Inc. (NYSEAMERICAN:PTN) gapped up prior to trading on Thursday . The stock had previously closed at $0.77, but opened at $0.84. Palatin Technologies shares last traded at $0.93, with a volume of 4078400 shares trading hands.

A number of analysts have weighed in on the company. Canaccord Genuity set a $6.00 target price on Palatin Technologies and gave the stock a “buy” rating in a report on Monday, November 13th. Zacks Investment Research lowered Palatin Technologies from a “buy” rating to a “hold” rating in a report on Saturday, October 7th. Finally, Roth Capital set a $2.00 target price on Palatin Technologies and gave the stock a “buy” rating in a report on Sunday, October 29th.

The company has a market capitalization of $163.46, a price-to-earnings ratio of 18.80 and a beta of 1.67.

Palatin Technologies (NYSEAMERICAN:PTN) last posted its earnings results on Monday, November 13th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The company had revenue of $26.94 million for the quarter, compared to analysts’ expectations of $28.00 million. Palatin Technologies had a return on equity of 10,489.06% and a net margin of 39.36%. During the same quarter in the prior year, the company earned ($0.08) EPS.

An institutional investor recently raised its position in Palatin Technologies stock. Bank of New York Mellon Corp boosted its stake in shares of Palatin Technologies, Inc. (NYSEAMERICAN:PTN) by 500.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 151,473 shares of the biopharmaceutical company’s stock after buying an additional 126,236 shares during the period. Bank of New York Mellon Corp owned 0.08% of Palatin Technologies worth $101,000 as of its most recent filing with the Securities & Exchange Commission.

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Palatin Technologies Company Profile

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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