Palatin Technologies (NYSEAMERICAN:PTN) Stock Rating Reaffirmed by HC Wainwright

Palatin Technologies (NYSEAMERICAN:PTN)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a report issued on Thursday, Benzinga reports. They currently have a $17.00 price objective on the biopharmaceutical company’s stock.

Palatin Technologies Trading Up 12.8 %

PTN traded up $0.24 during trading on Thursday, reaching $2.11. 462,225 shares of the stock were exchanged, compared to its average volume of 591,692. The company has a market cap of $34.06 million, a price-to-earnings ratio of -0.80 and a beta of 0.86. Palatin Technologies has a twelve month low of $1.43 and a twelve month high of $5.65.

Palatin Technologies (NYSEAMERICAN:PTN) last issued its earnings results on Wednesday, February 14th. The biopharmaceutical company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.36). The firm had revenue of $2.03 million for the quarter, compared to analyst estimates of $2.28 million. Palatin Technologies had a negative return on equity of 583.06% and a negative net margin of 445.12%. During the same quarter in the previous year, the firm posted ($0.13) earnings per share. As a group, research analysts forecast that Palatin Technologies will post -2.36 earnings per share for the current year.

Institutional Investors Weigh In On Palatin Technologies

A hedge fund recently bought a new stake in Palatin Technologies stock. Armistice Capital LLC bought a new position in Palatin Technologies, Inc. (NYSEAMERICAN:PTN) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 590,000 shares of the biopharmaceutical company’s stock, valued at approximately $2,348,000. Armistice Capital LLC owned about 4.29% of Palatin Technologies at the end of the most recent quarter. Hedge funds and other institutional investors own 11.50% of the company’s stock.

About Palatin Technologies

Palatin Technologies, Inc, a biopharmaceutical company, develops targeted receptor-specific therapeutics for the treatment of various diseases in the United States. The company's lead product is Vyleesi, a melanocortin receptor (MCr) agonist for the treatment of premenopausal women with hypoactive sexual desire disorder.