H.C. Wainwright Keeps a Buy Rating on Palatin Technologies (PTN)

H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on Palatin Technologies (NYSE: PTN) today and set a price target of $5. The company’s shares opened today at $1.06.

Pantginis commented:

“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 ‘ ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -9.1% and a 34.3% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, Applied Genetic Technologies, and Iovance Biotherapeutics Inc.

Currently, the analyst consensus on Palatin Technologies is a Moderate Buy with an average price target of $4.

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Based on Palatin Technologies’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $739.2K. In comparison, last year the company had a net profit of $13.32 million.

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Palatin Technologies, Inc. is a biopharmaceutical company which develops targeted, receptor-specific peptide therapeutics for the treatment of diseases. It specializes in molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems.