Palatin Technologies (PTN) Shares Gap Down to $0.95

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) gapped down prior to trading on Thursday . The stock had previously closed at $0.97, but opened at $0.95. Palatin Technologies shares last traded at $0.90, with a volume of 2189400 shares trading hands.

PTN has been the topic of several analyst reports. Canaccord Genuity set a $6.00 price target on shares of Palatin Technologies and gave the stock a “buy” rating in a research report on Monday, November 13th. Zacks Investment Research raised shares of Palatin Technologies from a “hold” rating to a “buy” rating and set a $0.75 price target on the stock in a research report on Thursday, October 5th. Finally, Roth Capital set a $2.00 price target on shares of Palatin Technologies and gave the stock a “buy” rating in a research report on Sunday, October 29th.

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

An institutional investor recently raised its position in Palatin Technologies stock. Bank of New York Mellon Corp raised its holdings in Palatin Technologies, Inc. (NYSEAMERICAN:PTN) by 500.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 151,473 shares of the biopharmaceutical company’s stock after purchasing an additional 126,236 shares during the period. Bank of New York Mellon Corp owned approximately 0.08% of Palatin Technologies worth $101,000 at the end of the most recent quarter.

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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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