HC Wainwright Has Lowered Expectations for Palatin Technologies (NYSEAMERICAN:PTN) Stock Price

Palatin Technologies (NYSEAMERICAN:PTN) had its target price dropped by equities research analysts at HC Wainwright from $17.00 to $7.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock.

Palatin Technologies Stock Performance

PTN traded up $0.10 on Thursday, reaching $1.09. 1,102,378 shares of the company traded hands, compared to its average volume of 1,199,234. The company has a market capitalization of $21.21 million, a PE ratio of -0.55 and a beta of 0.87. Palatin Technologies has a 52-week low of $0.68 and a 52-week high of $4.18.

Hedge Funds Weigh In On Palatin Technologies

Several large investors have recently made changes to their positions in the business. XTX Topco Ltd lifted its stake in shares of Palatin Technologies by 98.6% in the third quarter. XTX Topco Ltd now owns 29,063 shares of the biopharmaceutical company’s stock valued at $26,000 after buying an additional 14,432 shares during the period. Virtu Financial LLC bought a new stake in shares of Palatin Technologies in the 3rd quarter worth approximately $51,000. Finally, HB Wealth Management LLC grew its holdings in shares of Palatin Technologies by 86.3% during the 4th quarter. HB Wealth Management LLC now owns 110,500 shares of the biopharmaceutical company’s stock worth $127,000 after purchasing an additional 51,200 shares in the last quarter. Institutional investors and hedge funds own 11.50% of the company’s stock.

About Palatin Technologies

Palatin Technologies, Inc, a biopharmaceutical company, develops targeted receptor-specific therapeutics for the treatment of various diseases in the United States. The company's lead product is Vyleesi, a melanocortin receptor (MCr) agonist for the treatment of premenopausal women with hypoactive sexual desire disorder.