Zacks Investment Research Upgrades Palatin Technologies (PTN) to Buy

Palatin Technologies (NYSEAMERICAN:PTN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Zacks.com reports. The brokerage presently has a $1.25 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 9.65% from the stock’s previous close.

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 brokerages also recently issued reports on PTN. HC Wainwright reissued a “buy” rating and set a $5.00 price objective on shares of Palatin Technologies in a research report on Friday, January 11th. TheStreet downgraded shares of Palatin Technologies from a “c-” rating to a “d” rating in a research report on Tuesday, February 19th.

PTN stock opened at $1.14 on Wednesday. Palatin Technologies has a one year low of $0.59 and a one year high of $1.44.

Palatin Technologies (NYSEAMERICAN:PTN) last issued its earnings results on Tuesday, February 12th. The biopharmaceutical company reported ($0.02) EPS for the quarter, hitting the consensus estimate of ($0.02). During the same quarter in the previous year, the company earned $0.01 earnings per share.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in Palatin Technologies by 19.5% in the 3rd quarter. BlackRock Inc. now owns 12,752,945 shares of the biopharmaceutical company’s stock worth $12,722,000 after acquiring an additional 2,083,615 shares in the last quarter. Vanguard Group Inc boosted its stake in Palatin Technologies by 0.4% in the 3rd quarter. Vanguard Group Inc now owns 8,902,947 shares of the biopharmaceutical company’s stock worth $8,880,000 after purchasing an additional 39,788 shares during the period. Northern Trust Corp boosted its stake in Palatin Technologies by 1.0% in the 4th quarter. Northern Trust Corp now owns 2,300,865 shares of the biopharmaceutical company’s stock worth $1,629,000 after purchasing an additional 23,680 shares during the period. Bank of New York Mellon Corp boosted its stake in Palatin Technologies by 30.5% in the 4th quarter. Bank of New York Mellon Corp now owns 700,936 shares of the biopharmaceutical company’s stock worth $496,000 after purchasing an additional 163,633 shares during the period. Finally, TIAA CREF Investment Management LLC boosted its stake in Palatin Technologies by 40.6% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 422,994 shares of the biopharmaceutical company’s stock worth $422,000 after purchasing an additional 122,126 shares during the period.

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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