Palatin Technologies (PTN) Stock Price Down 5.3%

Palatin Technologies, Inc. (NYSEAMERICAN:PTN)’s share price traded down 5.3% during mid-day trading on Wednesday . The stock traded as low as $0.87 and last traded at $0.90. 2,189,405 shares changed hands during mid-day trading, an increase of 12% from the average session volume of 1,956,537 shares. The stock had previously closed at $0.95.

Several equities analysts recently issued reports on the company. Canaccord Genuity set a $6.00 price objective on Palatin Technologies and gave the company a “buy” rating in a research report on Monday, November 13th. Zacks Investment Research lowered Palatin Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, October 7th. Finally, Roth Capital set a $2.00 price objective on Palatin Technologies and gave the company a “buy” rating in a research report on Sunday, October 29th.

Palatin Technologies (NYSEAMERICAN:PTN) last released its quarterly earnings results on Monday, November 13th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The business had revenue of $26.94 million during the quarter, compared to analysts’ expectations of $28.00 million. During the same period in the prior year, the business posted ($0.08) earnings per share.

An institutional investor recently bought a new position in Palatin Technologies stock. Russell Investments Group Ltd. purchased a new position in shares of Palatin Technologies, Inc. (NYSEAMERICAN:PTN) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 225,246 shares of the biopharmaceutical company’s stock, valued at approximately $149,000. Russell Investments Group Ltd. owned about 0.13% of Palatin Technologies as of its most recent SEC filing.

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Palatin Technologies Company Profile

Palatin Technologies, Inc is a biopharmaceutical company. The Company is engaged in developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Its programs are based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems.

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