Brokerages Set Palatin Technologies, Inc. (PTN) Target Price at $4.00

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) has earned an average recommendation of “Buy” from the six research firms that are covering the company, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $4.00.

A number of equities research analysts have commented on the stock. Zacks Investment Research upgraded shares of Palatin Technologies from a “sell” rating to a “hold” rating in a research note on Wednesday, July 18th. HC Wainwright set a $5.00 target price on shares of Palatin Technologies and gave the stock a “buy” rating in a research note on Monday, June 4th. Finally, LADENBURG THALM/SH SH assumed coverage on shares of Palatin Technologies in a research note on Wednesday, June 27th. They set a “buy” rating and a $3.00 target price on the stock.

NYSEAMERICAN PTN traded down $0.02 on Monday, reaching $1.01. 1,043,921 shares of the stock were exchanged, compared to its average volume of 1,705,893. Palatin Technologies has a one year low of $0.58 and a one year high of $1.59.

Palatin Technologies (NYSEAMERICAN:PTN) last released its earnings results on Thursday, September 13th. The biopharmaceutical company reported $0.06 EPS for the quarter. Palatin Technologies had a net margin of 28.55% and a return on equity of 155.80%. The company had revenue of $20.62 million for the quarter, compared to analysts’ expectations of $6.03 million. During the same quarter last year, the business earned ($0.02) EPS.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Wells Fargo & Company MN grew its holdings in shares of Palatin Technologies by 79,946.5% in the fourth quarter. Wells Fargo & Company MN now owns 160,093 shares of the biopharmaceutical company’s stock valued at $137,000 after purchasing an additional 159,893 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Palatin Technologies by 1,031.6% in the fourth quarter. Millennium Management LLC now owns 272,717 shares of the biopharmaceutical company’s stock valued at $234,000 after purchasing an additional 248,617 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Palatin Technologies by 22.6% in the first quarter. Northern Trust Corp now owns 333,277 shares of the biopharmaceutical company’s stock valued at $363,000 after purchasing an additional 61,351 shares in the last quarter. Tibra Equities Europe Ltd purchased a new position in shares of Palatin Technologies in the first quarter valued at $422,000. Finally, Citadel Advisors LLC grew its holdings in shares of Palatin Technologies by 130.8% in the first quarter. Citadel Advisors LLC now owns 173,790 shares of the biopharmaceutical company’s stock valued at $189,000 after purchasing an additional 98,483 shares in the last quarter.

Palatin Technologies Company Profile

Palatin Technologies, Inc, a biopharmaceutical company, develops targeted, receptor-specific peptide therapeutics for the treatment of various diseases in the United States. The company's principal product is Bremelanotide, an as needed subcutaneous injectable peptide melanocortin receptor agonist, which is in the Phase III clinical studies for the treatment of premenopausal women with hypoactive sexual desire disorder (HSDD).

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