HC Wainwright Reiterates “$5.00” Price Target for Palatin Technologies (PTN)

HC Wainwright set a $5.00 price target on Palatin Technologies (NYSEAMERICAN:PTN) in a research report sent to investors on Tuesday. The brokerage currently has a buy rating on the biopharmaceutical company’s stock.

Separately, TheStreet raised Palatin Technologies from a d rating to a c- rating in a research report on Thursday, March 29th. One investment analyst has rated the stock with a sell rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $3.44.

Palatin Technologies opened at $1.19 on Tuesday, according to MarketBeat Ratings. Palatin Technologies has a 1-year low of $1.20 and a 1-year high of $1.25.

Palatin Technologies (NYSEAMERICAN:PTN) last released its quarterly earnings results on Tuesday, May 15th. The biopharmaceutical company reported $0.00 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.04. The business had revenue of $8.96 million during the quarter. Palatin Technologies had a return on equity of 155.80% and a net margin of 28.55%.

Large investors have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership bought a new position in shares of Palatin Technologies in the 4th quarter worth approximately $149,000. Virtu Financial LLC raised its position in shares of Palatin Technologies by 87.0% in the 4th quarter. Virtu Financial LLC now owns 632,045 shares of the biopharmaceutical company’s stock worth $543,000 after acquiring an additional 294,098 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of Palatin Technologies by 272.5% in the 4th quarter. Acadian Asset Management LLC now owns 1,249,283 shares of the biopharmaceutical company’s stock worth $1,075,000 after acquiring an additional 913,862 shares in the last quarter. Macquarie Group Ltd. raised its position in shares of Palatin Technologies by 552.3% in the 4th quarter. Macquarie Group Ltd. now owns 473,306 shares of the biopharmaceutical company’s stock worth $407,000 after acquiring an additional 400,750 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in shares of Palatin Technologies by 2,680,243.1% in the 4th quarter. Deutsche Bank AG now owns 1,366,975 shares of the biopharmaceutical company’s stock worth $1,174,000 after buying an additional 1,366,924 shares during the last quarter.

About Palatin Technologies

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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