Palatin Technologies (PTN) Receives a Buy from Canaccord Genuity

By Jason Carr

In a report released yesterday, John Newman from Canaccord Genuity maintained a Buy rating on Palatin Technologies (PTNResearch Report), with a price target of $3.00. The company’s shares closed last Wednesday at $0.92.

According to TipRanks.com, Newman is a 5-star analyst with an average return of 34.4% and a 50.3% success rate. Newman covers the Healthcare sector, focusing on stocks such as Allogene Therapeutics, Atara Biotherapeutics, and Selecta Biosciences.

Palatin Technologies has an analyst consensus of Moderate Buy, with a price target consensus of $2.50.

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Palatin Technologies’ market cap is currently $210.9M and has a P/E ratio of -11.30. The company has a Price to Book ratio of 3.37.

Based on the recent corporate insider activity of 14 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PTN in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.