Palatin Technologies (PTN) Receives a Buy from H.C. Wainwright

By Ryan Adsit

H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on Palatin Technologies (PTNResearch Report) today and set a price target of $5. The company’s shares closed yesterday at $0.75, close to its 52-week low of $0.59.

Pantginis said:

“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 is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -20.7% and a 22.9% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Iovance Biotherapeutics Inc, and Checkpoint Therapeutics Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Palatin Technologies with a $5 average price target.

See today’s analyst top recommended stocks >>

The company has a one-year high of $1.59 and a one-year low of $0.59. Currently, Palatin Technologies has an average volume of 936.1K.

Based on the recent corporate insider activity of 13 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.