Palatin Technologies (PTN, Financial) is confronting the possibility of being delisted from NYSE American after the exchange's regulatory body initiated proceedings against the company's common stock. This action stems from Palatin's failure to meet the stockholders' equity standards set forth in Sections 1003(a)(i), (ii), and (iii) of the NYSE American Company Guide.
The deadline for compliance with these requirements expired on April 10, marking the end of an 18-month period provided for Palatin to align with the equity criteria. Despite this setback, the company retains the right to appeal the delisting decision. Palatin has until April 25 to request a review by the Listings Qualifications Panel of the Board of Directors' Committee for Review.
While Palatin aims to overturn the delisting decision, its stock is expected to remain tradable on NYSE American throughout the appeal process. The outcome will determine whether the company can maintain its stock's presence on the exchange.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 1 analysts, the average target price for Palatin Technologies Inc (PTN, Financial) is $7.00 with a high estimate of $7.00 and a low estimate of $7.00. The average target implies an upside of 1,557.59% from the current price of $0.42. More detailed estimate data can be found on the Palatin Technologies Inc (PTN) Forecast page.
Based on the consensus recommendation from 1 brokerage firms, Palatin Technologies Inc's (PTN, Financial) average brokerage recommendation is currently 2.0, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Palatin Technologies Inc (PTN, Financial) in one year is $0.13, suggesting a downside of 69.22% from the current price of $0.4223. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Palatin Technologies Inc (PTN) Summary page.
