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

HC Wainwright reiterated their buy rating on shares of Palatin Technologies (NYSEAMERICAN:PTN) in a report issued on Thursday morning, Benzinga reports. HC Wainwright currently has a $17.00 price objective on the biopharmaceutical company’s stock.

Palatin Technologies Trading Up 2.9 %

Shares of PTN opened at $2.11 on Thursday. Palatin Technologies has a twelve month low of $1.43 and a twelve month high of $5.65. The stock has a market cap of $34.06 million, a price-to-earnings ratio of -0.82 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 analysts’ consensus estimates of ($0.20) by ($0.36). The firm had revenue of $2.03 million during 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 prior year, the company earned ($0.13) EPS. Equities analysts anticipate that Palatin Technologies will post -2.36 EPS for the current year.

Hedge Funds Weigh In On Palatin Technologies

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

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.