Palatin price target lowered to $47.50 from $50 at Alliance Global

Alliance Global lowered the firm’s price target on Palatin (PTN) to $47.50 from $50 and keeps a Buy rating on the shares. After the company’s quarterly report, the firm made no material changes to near-term forecasts, but did push out timing of product launch by one year to reflect the shift to a next-generation compound over PL7737 as Palatin is shifting its oral pursuit of an MC4R agonist to a next-generation compound and stopping development of PL7737.