Ladenburg Thalmann & Co. Sticks to Their Buy Rating for Palatin Technologies (PTN)

In a report released today, Michael Higgins from Ladenburg Thalmann & Co. maintained a Buy rating on Palatin Technologies (PTNResearch Report), with a price target of $50.00. The company’s shares closed yesterday at $6.95.

According to TipRanks, Higgins is a 4-star analyst with an average return of 7.4% and a 32.52% success rate. Higgins covers the Healthcare sector, focusing on stocks such as Palatin Technologies, Artelo Biosciences, and Astria Therapeutics.

Currently, the analyst consensus on Palatin Technologies is a Moderate Buy with an average price target of $60.00, representing a 763.31% upside. In a report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $70.00 price target.

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Based on Palatin Technologies’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $216.1 thousand and a GAAP net loss of $7.63 million. In comparison, last year the company earned a revenue of $88.74 thousand and had a GAAP net loss of $5.73 million

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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.

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