In a report released today, Joseph Pantginis from H.C. Wainwright reiterated a Buy rating on Palatin Technologies (PTN – Research Report), with a price target of $5. The company’s shares closed yesterday at $0.98.
“Our thesis on shares remains unchanged; major boxes checked and valuation disconnect exists, in our belief. Significant boxes have already been checked off, which we believe provide a derisked opportunity for investors.”
According to TipRanks.com, Pantginis has 0 stars on 0-5 star ranking scale with an average return of -12.8% and a 28.1% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Checkpoint Therapeutics Inc, and Iovance Biotherapeutics Inc.
Palatin Technologies has an analyst consensus of Moderate Buy, with a price target consensus of $5.
Based on Palatin Technologies’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $5.04 million. In comparison, last year the company had a GAAP net loss of $739.2K.
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Palatin Technologies, Inc. is a biopharmaceutical company, which engages in the development of medicines based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems. Its primary product candidate is marketed under the Vyleesi brand, the trade name for bremelanotide, a peptide melanocortin receptor 4 agonist for the treatment of premenopausal women with acquired, generalized, hypoactive sexual desire disorder (HSDD). The company was founded by Carl Spana and John K. A. Prendergast on November 21, 1986 and is headquartered in Cranbury, NJ.