Palatin price target lowered to $7 from $17 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Palatin (PTN) to $7 from $17 and keeps a Buy rating on the shares following the fiscal Q2 report. The firm cites increased dilution from the recent equity raise and anticipated raises this year for the target cut. However, Palatin’s valuation appears attractive based on its initial addressable market size, the analyst tells investors in a research note.