Zacks Investment Research lowered shares of Palatin Technologies, Inc. (NYSE:PTN) from a hold rating to a sell rating in a research report sent to investors on Saturday.

According to Zacks, “Palatin Technologies, Inc is a development-stage medical technology company involved in developing and commercializing products and technologies for diagnostic imaging, cancer therapy and ethical drug development These developments are based on its proprietary monoclonal antibody radiolabeling and enabling peptide platform technologies. “

Separately, Canaccord Genuity set a $6.00 price objective on shares of Palatin Technologies and gave the company a buy rating in a research note on Tuesday, May 16th.

Shares of Palatin Technologies (NYSE PTN) opened at 0.43 on Friday. The stock has a 50 day moving average price of $0.41 and a 200-day moving average price of $0.39. The company’s market cap is $65.70 million. Palatin Technologies has a 1-year low of $0.29 and a 1-year high of $0.90.

Palatin Technologies (NYSE:PTN) last announced its quarterly earnings data on Thursday, May 18th. The biopharmaceutical company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by $0.12. The company had revenue of $10.82 million for the quarter, compared to the consensus estimate of $60 million. During the same period in the previous year, the company posted ($0.01) earnings per share. Equities research analysts forecast that Palatin Technologies will post ($0.06) earnings per share for the current year.

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An institutional investor recently raised its position in Palatin Technologies stock. National Asset Management Inc. boosted its stake in shares of Palatin Technologies, Inc. (NYSE:PTN) by 46.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 315,000 shares of the biopharmaceutical company’s stock after buying an additional 100,000 shares during the period. National Asset Management Inc. owned approximately 0.23% of Palatin Technologies worth $104,000 as of its most recent filing with the SEC.

Palatin Technologies Company Profile

Palatin Technologies, Inc is a biopharmaceutical company. The Company is engaged in developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Its programs are based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems.

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