The Palatin Technologies, Inc. (PTN) Given a $6.00 Price Target at Canaccord Genuity

The Palatin Technologies, Inc. (PTN) Given a $6.00 Price Target at Canaccord Genuity

Palatin Technologies, Inc. (NYSE:PTN) has been assigned a $6.00 price target by equities researchers at Canaccord Genuity in a research report issued on Wednesday. The firm currently has a “buy” rating on the biopharmaceutical company’s stock.

A number of other brokerages have also recently commented on PTN. Zacks Investment Research upgraded Palatin Technologies from a “hold” rating to a “buy” rating and set a $0.75 price target for the company in a research note on Friday, September 23rd. S&P Equity Research dropped their price target on Palatin Technologies from $0.61 to $0.55 in a research note on Thursday, September 22nd. Finally, Roth Capital reiterated a “buy” rating and issued a $4.00 price target on shares of Palatin Technologies in a research note on Friday, September 23rd.

Shares of Palatin Technologies (NYSE:PTN) traded up 18.673% on Wednesday, reaching $0.694. The company had a trading volume of 3,666,696 shares. The company has a 50-day moving average price of $0.55 and a 200-day moving average price of $0.54. Palatin Technologies has a one year low of $0.36 and a one year high of $0.86. The firm’s market cap is $74.98 million.

Palatin Technologies (NYSE:PTN) last issued its earnings results on Tuesday, November 15th. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.08). During the same period last year, the company posted ($0.08) earnings per share. On average, analysts expect that Palatin Technologies will post ($0.28) earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in PTN. Baker BROS. Advisors LP purchased a new position in shares of Palatin Technologies during the third quarter worth approximately $1,289,000. National Asset Management Inc. boosted its position in shares of Palatin Technologies by 71.4% in the third quarter. National Asset Management Inc. now owns 240,000 shares of the biopharmaceutical company’s stock worth $151,000 after buying an additional 100,000 shares during the last quarter. Sphera Funds Management LTD. boosted its position in shares of Palatin Technologies by 87.7% in the third quarter. Sphera Funds Management LTD. now owns 1,906,037 shares of the biopharmaceutical company’s stock worth $1,199,000 after buying an additional 890,663 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Palatin Technologies by 1.2% in the second quarter. Vanguard Group Inc. now owns 1,578,758 shares of the biopharmaceutical company’s stock worth $696,000 after buying an additional 19,300 shares during the last quarter. Finally, Vivo Capital LLC purchased a new position in shares of Palatin Technologies during the first quarter worth approximately $127,000.

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