Palatin Technologies (NYSEAMERICAN:PTN) released its earnings results on Thursday, September 13th. The biopharmaceutical company reported $0.06 earnings per share for the quarter, Bloomberg Earnings reports. The firm had revenue of $20.62 million during the quarter, compared to the consensus estimate of $6.03 million. Palatin Technologies had a return on equity of 155.80% and a net margin of 28.55%. During the same period in the prior year, the firm posted ($0.02) earnings per share.
Shares of PTN remained flat at $$0.98 during mid-day trading on Friday. The stock had a trading volume of 628,613 shares, compared to its average volume of 1,637,807. Palatin Technologies has a one year low of $0.69 and a one year high of $1.59.
A number of brokerages have recently commented on PTN. HC Wainwright set a $5.00 price objective on Palatin Technologies and gave the company a “buy” rating in a research report on Thursday, September 13th. Zacks Investment Research lowered Palatin Technologies from a “hold” rating to a “sell” rating in a report on Friday, June 8th. Finally, LADENBURG THALM/SH SH assumed coverage on Palatin Technologies in a report on Wednesday, June 27th. They issued a “buy” rating and a $3.00 target price for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $4.00.
An institutional investor recently raised its position in Palatin Technologies stock. Bank of New York Mellon Corp grew its holdings in Palatin Technologies, Inc. (NYSEAMERICAN:PTN) by 263.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 512,132 shares of the biopharmaceutical company’s stock after purchasing an additional 371,276 shares during the period. Bank of New York Mellon Corp owned approximately 0.25% of Palatin Technologies worth $497,000 as of its most recent SEC filing.
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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