Palatin Technologies, Inc. (PTN) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Palatin Technologies, Inc. (NYSE:PTN) from a hold rating to a buy rating in a research report released on Friday morning. Zacks Investment Research currently has $0.75 price objective on the biopharmaceutical company’s stock.

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. “

PTN has been the subject of several other research reports. Roth Capital reissued a buy rating and issued a $4.00 price objective on shares of Palatin Technologies in a report on Friday, September 9th. Canaccord Genuity set a $6.00 price objective on Palatin Technologies and gave the company a buy rating in a report on Tuesday, September 20th. Finally, S&P Equity Research decreased their price objective on Palatin Technologies from $0.61 to $0.55 in a report on Thursday, September 22nd.

Shares of Palatin Technologies (NYSE:PTN) opened at 0.59 on Friday. Palatin Technologies has a 1-year low of $0.36 and a 1-year high of $0.90. The company’s market capitalization is $50.70 million. The stock has a 50 day moving average price of $0.54 and a 200 day moving average price of $0.53.

Palatin Technologies (NYSE:PTN) last issued its quarterly earnings data on Tuesday, September 20th. The biopharmaceutical company reported ($0.09) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by $0.01. During the same quarter last year, the business earned $1.05 earnings per share. On average, equities analysts anticipate that Palatin Technologies will post ($0.33) EPS for the current fiscal year.

A hedge fund recently raised its stake in Palatin Technologies stock. Vanguard Group Inc. raised its position in Palatin Technologies, Inc. (NYSE:PTN) by 1.2% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 1,578,758 shares of the biopharmaceutical company’s stock after buying an additional 19,300 shares during the period. Vanguard Group Inc. owned approximately 2.32% of Palatin Technologies worth $696,000 at the end of the most recent quarter.

About Palatin Technologies

Palatin Technologies, Inc is a biopharmaceutical company that develops targeted, receptor-specific peptide therapeutics for the treatment of diseases. The Company’s programs are based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems. Its primary product in clinical development is Bremelanotide, which is used for the treatment of female sexual dysfunction (FSD).

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