Zacks Investment Research Upgrades Palatin Technologies (PTN) to “Buy”

Palatin Technologies (NYSEAMERICAN:PTN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The firm currently has a $1.00 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 11.11% from the company’s previous close.

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. “

Other equities analysts also recently issued reports about the stock. HC Wainwright set a $5.00 price objective on shares of Palatin Technologies and gave the company a “buy” rating in a research note on Thursday, September 13th. LADENBURG THALM/SH SH started coverage on shares of Palatin Technologies in a research note on Wednesday, June 27th. They set a “buy” rating and a $3.00 price objective for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $3.40.

Palatin Technologies stock opened at $0.90 on Thursday. Palatin Technologies has a twelve month low of $0.69 and a twelve month high of $1.59.

Palatin Technologies (NYSEAMERICAN:PTN) last posted its quarterly earnings results on Thursday, September 13th. The biopharmaceutical company reported $0.06 earnings per share for the quarter. The business had revenue of $20.62 million during the quarter, compared to the consensus estimate of $6.03 million. Palatin Technologies had a net margin of 28.55% and a return on equity of 155.80%. During the same period in the previous year, the firm posted ($0.02) earnings per share.

Several large investors have recently modified their holdings of PTN. Rhumbline Advisers bought a new position in shares of Palatin Technologies during the second quarter valued at about $168,000. Citadel Advisors LLC increased its position in shares of Palatin Technologies by 130.8% during the first quarter. Citadel Advisors LLC now owns 173,790 shares of the biopharmaceutical company’s stock valued at $189,000 after buying an additional 98,483 shares during the period. Globeflex Capital L P purchased a new position in shares of Palatin Technologies during the second quarter valued at about $211,000. Element Capital Management LLC purchased a new position in shares of Palatin Technologies during the first quarter valued at about $240,000. Finally, Schwab Charles Investment Management Inc. purchased a new position in shares of Palatin Technologies during the second quarter valued at about $355,000.

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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