Palatin Technologies (NYSEAMERICAN:PTN) Given “Buy” Rating at HC Wainwright

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

Palatin Technologies Trading Down 1.4 %

PTN traded down $0.03 during trading on Wednesday, hitting $2.05. 74,326 shares of the company’s stock traded hands, compared to its average volume of 580,599. Palatin Technologies has a 12-month low of $1.43 and a 12-month high of $5.65. The company has a market cap of $33.09 million, a price-to-earnings ratio of -0.81 and a beta of 0.86.

Palatin Technologies (NYSEAMERICAN:PTN) last released its quarterly earnings results on Wednesday, February 14th. The biopharmaceutical company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.36). Palatin Technologies had a negative net margin of 445.12% and a negative return on equity of 583.06%. The firm had revenue of $2.03 million for the quarter, compared to the consensus estimate of $2.28 million. During the same period in the previous year, the company earned ($0.13) earnings per share. As a group, research analysts forecast that Palatin Technologies will post -2.36 EPS 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 purchased a new stake in Palatin Technologies, Inc. (NYSEAMERICAN:PTN) during the fourth quarter, according to its most recent filing with the SEC. The fund purchased 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 as of its most recent filing with the SEC. 11.50% of the stock is owned by institutional investors and hedge funds.

Palatin Technologies Company Profile

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.