Palatin Technologies (NYSEAMERICAN:PTN) Posts Quarterly Earnings Results, Misses Estimates By $0.53 EPS

Palatin Technologies (NYSEAMERICAN:PTNGet Rating) issued its earnings results on Thursday. The biopharmaceutical company reported ($1.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.81) by ($0.53), RTT News reports. During the same quarter in the prior year, the firm posted ($1.50) earnings per share.

Palatin Technologies Trading Down 12.4 %

Shares of PTN stock opened at $6.95 on Friday. The company has a market capitalization of $64.41 million, a PE ratio of -46.33 and a beta of 0.79. Palatin Technologies has a one year low of $4.00 and a one year high of $24.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC increased its stake in Palatin Technologies by 388.0% during the 2nd quarter. Renaissance Technologies LLC now owns 226,900 shares of the biopharmaceutical company’s stock worth $64,000 after buying an additional 180,400 shares during the period. State Street Corp boosted its holdings in Palatin Technologies by 8.2% in the first quarter. State Street Corp now owns 757,455 shares of the biopharmaceutical company’s stock valued at $349,000 after purchasing an additional 57,440 shares during the period. Finally, Vanguard Group Inc. grew its stake in Palatin Technologies by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 9,559,564 shares of the biopharmaceutical company’s stock worth $4,398,000 after purchasing an additional 48,812 shares in the last quarter. 8.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. LADENBURG THALM/SH SH upped their price objective on shares of Palatin Technologies to $50.00 and gave the company a “buy” rating in a report on Friday, September 9th. HC Wainwright reiterated a “buy” rating and issued a $70.00 price objective on shares of Palatin Technologies in a research report on Thursday, September 8th.

Palatin Technologies Company Profile

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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.

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Earnings History for Palatin Technologies (NYSEAMERICAN:PTN)

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