Zacks Investment Research upgraded shares of Palatin Technologies, Inc. (NYSE:PTN) from a hold rating to a buy rating in a research report sent to investors on Friday. The firm currently has $0.75 price objective on the biopharmaceutical company’s stock.
According to Zacks, “Palatin Technologies, Inc is a development-stage medical technology company involved in developing and commercializing products and technologies for diagnostic imaging, cancer therapy and ethical drug development These developments are based on its proprietary monoclonal antibody radiolabeling and enabling peptide platform technologies. “
Several other equities analysts have also recently weighed in on the stock. S&P Equity Research dropped their price target on shares of Palatin Technologies from $0.61 to $0.55 in a research report on Thursday, September 22nd. Canaccord Genuity set a $6.00 price target on shares of Palatin Technologies and gave the company a buy rating in a research report on Tuesday, September 20th. Finally, Roth Capital reaffirmed a buy rating and issued a $4.00 price target on shares of Palatin Technologies in a research report on Friday, September 9th.
Shares of Palatin Technologies (NYSE:PTN) opened at 0.631 on Friday. Palatin Technologies has a 12-month low of $0.36 and a 12-month high of $0.90. The company’s 50-day moving average price is $0.54 and its 200 day moving average price is $0.53. The company’s market cap is $54.22 million.
Palatin Technologies (NYSE:PTN) last announced its quarterly earnings results on Tuesday, September 20th. The biopharmaceutical company reported ($0.09) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by $0.01. During the same quarter last year, the company earned $1.05 EPS. Equities analysts predict that Palatin Technologies will post ($0.33) earnings per share for the current year.
A hedge fund recently raised its stake in Palatin Technologies stock. Vanguard Group Inc. boosted its stake in Palatin Technologies, Inc. (NYSE:PTN) by 1.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 1,578,758 shares of the biopharmaceutical company’s stock after buying an additional 19,300 shares during the period. Vanguard Group Inc. owned 2.32% of Palatin Technologies worth $696,000 at the end of the most recent quarter.
About Palatin Technologies
Palatin Technologies, Inc is a biopharmaceutical company that develops targeted, receptor-specific peptide therapeutics for the treatment of diseases. The Company’s programs are based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems. Its primary product in clinical development is Bremelanotide, which is used for the treatment of female sexual dysfunction (FSD).
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