Palatin Technologies (PTN) Shares Gap Up to $1.20

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) gapped up prior to trading on Friday . The stock had previously closed at $1.15, but opened at $1.20. Palatin Technologies shares last traded at $1.23, with a volume of 4787017 shares changing hands.

Several equities research analysts have recently commented on the company. TheStreet raised Palatin Technologies from a “d” rating to a “c-” rating in a report on Thursday, March 29th. HC Wainwright assumed coverage on Palatin Technologies in a report on Friday. They issued a “buy” rating and a $5.00 price objective for the company. One analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. Palatin Technologies currently has a consensus rating of “Buy” and a consensus target price of $3.44.

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Palatin Technologies (NYSEAMERICAN:PTN) last announced its quarterly earnings results on Monday, February 12th. The biopharmaceutical company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.19. Palatin Technologies had a return on equity of 155.80% and a net margin of 28.55%. The business had revenue of $10.61 million during the quarter. During the same period in the prior year, the business earned ($0.06) EPS.

Institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its holdings in Palatin Technologies by 500.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 151,473 shares of the biopharmaceutical company’s stock valued at $101,000 after purchasing an additional 126,236 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Palatin Technologies by 79,946.5% during the 4th 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 during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in Palatin Technologies during the 4th quarter valued at $149,000. Russell Investments Group Ltd. acquired a new stake in Palatin Technologies during the 3rd quarter valued at $149,000. Finally, Millennium Management LLC lifted its holdings in Palatin Technologies by 1,031.6% during the 4th 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 during the last quarter.

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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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