Palatin price target lowered to $17 from $70 at H.C. Wainwright

H.C. Wainwright analyst Joseph Pantginis lowered the firm’s price target on Palatin to $17 from $70 and keeps a Buy rating on the shares. The analyst adjusted to the fully diluted share count post the February equity raise and decreasing the probability of success for dry eye disease to 50% from 60%. PL9643 significantly improved the co-primary symptom endpoint in the adjusted intent to treat population, the analyst tells investors in a research note.