Palatin Technologies (PTN) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research cut shares of Palatin Technologies (NYSEAMERICAN:PTN) from a buy rating to a hold rating in a research note 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. “
Several other research analysts have also commented on PTN. LADENBURG THALM/SH SH began coverage on shares of Palatin Technologies in a research note on Wednesday, June 27th. They set a buy rating and a $3.00 price objective for the company. HC Wainwright set a $5.00 price objective on shares of Palatin Technologies and gave the stock a buy rating in a research note on Thursday, September 13th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $3.40.
Palatin Technologies (NYSEAMERICAN:PTN) last announced its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $6.03 million. During the same quarter in the previous year, the business posted ($0.02) earnings per share.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Rhumbline Advisers purchased a new stake in shares of Palatin Technologies during the second quarter valued at $168,000. Citadel Advisors LLC boosted its stake 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 purchasing an additional 98,483 shares during the period. Globeflex Capital L P purchased a new stake in shares of Palatin Technologies during the second quarter valued at $211,000. Element Capital Management LLC purchased a new stake in shares of Palatin Technologies during the first quarter valued at $240,000. Finally, Northern Trust Corp boosted its stake in shares of Palatin Technologies by 22.6% during the first quarter. Northern Trust Corp now owns 333,277 shares of the biopharmaceutical company’s stock valued at $363,000 after purchasing an additional 61,351 shares during the period.
Palatin Technologies Company Profile
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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