Palatin (PTN) closed at $1 in the latest trading session, marking a +0.37% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.62%. Meanwhile, the Dow lost 0.25%, and the Nasdaq, a tech-heavy index, lost 0.74%.
Heading into today, shares of the biopharmaceutical company had lost 22.3% over the past month, lagging the Medical sector's loss of 1.47% and the S&P 500's gain of 2.8% in that time.
Investors will be hoping for strength from PTN as it approaches its next earnings release. The company is expected to report EPS of -$0.02, down 133.33% from the prior-year quarter.
Any recent changes to analyst estimates for PTN should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 63.64% higher. PTN is currently sporting a Zacks Rank of #2 (Buy).
Digging into valuation, PTN currently has a Forward P/E ratio of 3.68. Its industry sports an average Forward P/E of 23.55, so we one might conclude that PTN is trading at a discount comparatively.
The Medical - Biomedical and Genetics industry is part of the Medical sector. This group has a Zacks Industry Rank of 58, putting it in the top 23% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Palatin Technologies, Inc. (PTN) : Free Stock Analysis Report
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