Palatin Technologies (NYSEAMERICAN ) Stock is starting to rise on Wednesday due to a new analyst price target.
Joseph Pantginis, an analyst at H.C. Wainwright, is behind today’s news. He reiterated the firm’s buy rating on PTN stock and reiterated his firm’s Buy Rating. Pantginis also raised the price target for PTN stock to $5 per share.
The company’s new price target for PTN stock is a huge opportunity for growth. The stock’s $5 price prediction represents a 1,371% increase over its Tuesday closing price.
It is also worth noting that the buy rating for PTN stock is correct with , the other analysts who cover the stock. The consensus price target of $3.33 per shares is higher than the $5 price target.
Why is H.C. Wainwright’s analyst so bullish on PTN stock According to TheFly.com, the company is about to begin its Phase 3 clinical trial for dry eye disease and visibility. This could lead to major gains for PTN stock.
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PTN stock is now trading at a heavier than normal price due to its new price target. As of this writing, there are approximately 30 million shares of PTN stock in circulation. This is a small amount of trading volume for the company, which averages around 966,000 shares per day.
PTN stock is up 33.7% on Wednesday morning, but has fallen 30.3% since the beginning of the year.
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William White had no positions (directly or indirectly) in any of the securities mentioned at the time this article was published. These opinions are the author’s and are subject to the InvestorPlace.com Publication Guidelines.
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