Palatin Technologies, Inc. (NYSEAMERICAN:PTN) Receives Consensus Recommendation of “Buy” from Analysts

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Shares of Palatin Technologies, Inc. (NYSEAMERICAN:PTN) have been given an average rating of “Buy” by the six brokerages that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $5.67.

A number of analysts have recently weighed in on the company. Zacks Investment Research lowered Palatin Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, August 27th. TheStreet upgraded Palatin Technologies from a “d+” rating to a “c” rating in a research note on Wednesday, September 18th. HC Wainwright set a $8.00 target price on Palatin Technologies and gave the company a “buy” rating in a research note on Friday, September 13th. Finally, Canaccord Genuity set a $6.00 target price on Palatin Technologies and gave the company a “buy” rating in a research note on Friday, September 13th.

Palatin Technologies stock traded down $0.01 during mid-day trading on Friday, hitting $0.83. 468,241 shares of the company were exchanged, compared to its average volume of 1,955,344. The business has a fifty day moving average of $0.93 and a 200 day moving average of $1.09. Palatin Technologies has a 1-year low of $0.59 and a 1-year high of $1.78.

Palatin Technologies (NYSEAMERICAN:PTN) last released its quarterly earnings data on Thursday, September 12th. The biopharmaceutical company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.26. The company had revenue of $60.27 million for the quarter.

In other news, major shareholder Stephen T. Wills purchased 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were acquired at an average price of $25.31 per share, for a total transaction of $37,965.00. Also, insider Carl Spana purchased 50,000 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was purchased at an average price of $0.86 per share, for a total transaction of $43,000.00. Following the acquisition, the insider now owns 5,953,852 shares of the company’s stock, valued at $5,120,312.72. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 74,880 shares of company stock worth $101,008.

A number of institutional investors and hedge funds have recently modified their holdings of PTN. Community Trust & Investment Co. bought a new position in Palatin Technologies during the second quarter worth about $26,000. Commonwealth Equity Services LLC raised its position in shares of Palatin Technologies by 207.7% during the second quarter. Commonwealth Equity Services LLC now owns 52,239 shares of the biopharmaceutical company’s stock worth $60,000 after purchasing an additional 35,264 shares during the period. Wells Fargo & Company MN raised its position in shares of Palatin Technologies by 17.9% during the second quarter. Wells Fargo & Company MN now owns 383,199 shares of the biopharmaceutical company’s stock worth $444,000 after purchasing an additional 58,306 shares during the period. Mckinley Capital Management LLC Delaware acquired a new stake in shares of Palatin Technologies during the second quarter worth about $78,000. Finally, Acadian Asset Management LLC raised its position in shares of Palatin Technologies by 5.5% during the second quarter. Acadian Asset Management LLC now owns 2,784,730 shares of the biopharmaceutical company’s stock worth $3,229,000 after purchasing an additional 144,731 shares during the period.

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 principal product is Vyleesi, an on demand subcutaneous injectable product that has completed Phase III clinical studies for the treatment of premenopausal women with acquired, generalized hypoactive sexual desire disorder.

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