Palatin Technologies Gets a Buy Rating from Canaccord Genuity

By Carrie Williams

Canaccord Genuity analyst John Newman reiterated a Buy rating on Palatin Technologies (AMEX: PTN) on May 16 and set a price target of $6. The company’s shares closed yesterday at $0.41.

According to, Newman is ranked 0 out of 5 stars with an average return of -7.4% and a 36.1% success rate. Newman covers the Healthcare sector, focusing on stocks such as Advanced Accelerator Applications, Hutchison China MediTech Ltd, and Dimension Therapeutics Inc.

Palatin Technologies has an analyst consensus of Moderate Buy, with a price target consensus of $6.

Based on Palatin Technologies’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $10.82 million and GAAP net loss of $3.56 million. In comparison, last year the company earned revenue of $0 and had a GAAP net loss of $12.7 million.

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Palatin Technologies, Inc. is a biopharmaceutical company which develops targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Its programs are based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems. Its primary product in development is bremelanotide for the treatment of female sexual dysfunction. It is also developing an inhalation formulation of peptide mimetic natriuretic peptide receptor A-agonist, for treatment of cardiovascular and pulmonary indications. The company was founded by Carl Spana and John K. A. Prendergast on November 21, 1986 and is headquartered in Cranbury, NJ.