Palatin Technologies, Inc. (NYSEAMERICAN:PTN) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Palatin Technologies, Inc. (NYSEAMERICAN:PTN) have received a consensus recommendation of “Buy” from the six brokerages that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $5.67.

Several equities research analysts recently weighed in on the stock. HC Wainwright set a $8.00 price objective on shares of Palatin Technologies and gave the stock a “buy” rating in a report on Friday, September 13th. TheStreet raised shares of Palatin Technologies from a “d+” rating to a “c” rating in a report on Wednesday, September 18th. Canaccord Genuity set a $6.00 price target on shares of Palatin Technologies and gave the company a “buy” rating in a report on Friday, September 13th. Finally, Zacks Investment Research downgraded shares of Palatin Technologies from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th.

Shares of PTN traded down $0.01 during mid-day trading on Friday, hitting $0.83. The company had a trading volume of 468,241 shares, compared to its average volume of 1,955,344. The business’s 50-day simple moving average is $0.93 and its 200-day simple moving average is $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 posted its quarterly earnings data on Thursday, September 12th. The biopharmaceutical company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.26. The firm had revenue of $60.27 million for the quarter.

In other news, major shareholder Stephen T. Wills purchased 1,500 shares of the stock in a transaction dated Wednesday, July 31st. The stock was acquired at an average cost of $25.31 per share, for a total transaction of $37,965.00. Also, insider Carl Spana purchased 50,000 shares of the stock in a transaction dated Friday, August 2nd. The shares were purchased at an average price of $0.86 per share, with a total value of $43,000.00. Following the completion of 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. Insiders bought a total of 74,880 shares of company stock valued at $101,008 in the last quarter.

Hedge funds and other institutional investors have recently modified their holdings of the company. Meeder Asset Management Inc. boosted its position in shares of Palatin Technologies by 594.0% in the third quarter. Meeder Asset Management Inc. now owns 58,799 shares of the biopharmaceutical company’s stock worth $53,000 after acquiring an additional 50,326 shares during the last quarter. Summit X LLC lifted its position in Palatin Technologies by 100.0% during the third quarter. Summit X LLC now owns 30,000 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 15,000 shares in the last quarter. Susquehanna International Group LLP acquired a new position in Palatin Technologies during the second quarter valued at approximately $117,000. Citadel Advisors LLC lifted its position in Palatin Technologies by 269.3% during the second quarter. Citadel Advisors LLC now owns 87,658 shares of the biopharmaceutical company’s stock valued at $102,000 after buying an additional 63,921 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in Palatin Technologies during the second quarter valued at approximately $34,000.

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 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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