Palatin Technologies Inc (PTN) Received its Third Buy in a Row

By Carrie Williams

After H.C. Wainwright and Canaccord Genuity gave Palatin Technologies Inc (NYSE MKT: PTN) a Buy rating last month, the company received another Buy, this time from Ladenburg Thalmann & Co. Analyst Michael Higgins maintained a Buy rating on Palatin Technologies Inc yesterday and set a price target of $3.75. The company’s shares closed yesterday at $1.21.

According to TipRanks.com, Higgins is ranked 0 out of 5 stars with an average return of -7.4% and a 31.4% success rate. Higgins covers the Healthcare sector, focusing on stocks such as Armata Pharmaceuticals Inc, Rhythm Pharmaceuticals Inc, and Achieve Life Sciences Inc.

Currently, the analyst consensus on Palatin Technologies Inc is a Strong Buy with an average price target of $5.75, which is a 375.2% upside from current levels. In a report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $7.50 price target.

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The company has a one-year high of $1.78 and a one-year low of $0.59. Currently, Palatin Technologies Inc has an average volume of 3.09M.

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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.