Palatin Technologies (NYSEAMERICAN:PTN) stock is taking off on Wednesday thanks to a new analyst price target.
H.C. Wainwright analyst Joseph Pantginis is behind today’s news as he reiterated the firm’s buy rating for PTN stock. To go along with that, Pantginis also increased the price target for PTN stock from $2 per share to $5 per share.
That new price target for PTN stock represents massive growth potential for the company. The $5 price prediction is a roughly 1,371% upside for the stock compared to its closing price on Tuesday.
It’s also worth pointing out that the buy rating is right on the money with the other two analysts covering PTN stock holding the same stance. However, the $5 price target is well above the consensus of $3.33 per share.
So why is the H.C. Wainwright analyst taking such a bullish stance on PTN stock? The company is preparing to start its Phase 3 clinical trial for its dry eye disease and visibility and that could mean major gains for the stock, reports TheFly.com.
The new price target for PTN stock has it seeing heavier-than-normal trading today. That has some 30 million shares of the stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is only about 966,000 shares.
PTN stock is up 33.7% as of Wednesday morning but is down 30.3% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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