Palatin Technologies (PTN) Cut to “Hold” at Zacks Investment Research

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Zacks Investment Research lowered shares of Palatin Technologies (NYSEAMERICAN:PTN) from a buy rating to a hold rating in a report released on Friday.

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. “

A number of other equities analysts also recently commented on the stock. LADENBURG THALM/SH SH started coverage on shares of Palatin Technologies in a report on Wednesday, June 27th. They issued a buy rating and a $3.00 target price for the company. HC Wainwright set a $5.00 target price on shares of Palatin Technologies and gave the stock a buy rating in a report on Thursday, September 13th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $3.40.

NYSEAMERICAN:PTN remained flat at $$0.90 during mid-day trading on Friday. 842,776 shares of the company were exchanged, compared to its average volume of 1,617,605. Palatin Technologies has a 52 week low of $0.69 and a 52 week high of $1.59.

Palatin Technologies (NYSEAMERICAN:PTN) last released its quarterly earnings data on Thursday, September 13th. The biopharmaceutical company reported $0.06 earnings per share for the quarter. Palatin Technologies had a net margin of 28.55% and a return on equity of 155.80%. The company had revenue of $20.62 million during the quarter, compared to analyst estimates of $6.03 million. During the same period in the prior year, the firm earned ($0.02) earnings per share.

Institutional investors have recently made changes to their positions in the business. Rhumbline Advisers acquired a new position in shares of Palatin Technologies during the second quarter valued at about $168,000. Citadel Advisors LLC increased its holdings in shares of Palatin Technologies by 130.8% during the first quarter. Citadel Advisors LLC now owns 173,790 shares of the biopharmaceutical company’s stock valued at $189,000 after acquiring an additional 98,483 shares in the last quarter. Globeflex Capital L P acquired a new position in shares of Palatin Technologies during the second quarter valued at about $211,000. Element Capital Management LLC acquired a new position in shares of Palatin Technologies during the first quarter valued at about $240,000. Finally, Schwab Charles Investment Management Inc. acquired a new position in shares of Palatin Technologies during the second quarter valued at about $355,000.

About Palatin Technologies

Palatin Technologies, Inc, a biopharmaceutical company, develops targeted, receptor-specific peptide therapeutics for the treatment of various diseases in the United States. The company's principal product is Bremelanotide, an as needed subcutaneous injectable peptide melanocortin receptor agonist, which is in the Phase III clinical studies for the treatment of premenopausal women with hypoactive sexual desire disorder (HSDD).

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