Palatin Technologies Inc. (PTN)

[BesaoT35]

At he same time as the run up in price there was an article published on TipRanks.com that was bullish. It was at 1:17 pm eastern time today.

The author is Michael Marcus. He sees a price target of 2 or 3 dollars which is a lot higher than 42 cents where it was when he posted his positive statements. He said that the Cannacord analyst also sees real potential for PTN with a price target of $3. That last part is not news as that analyst has been long for years.

I do not see how a fairly unknown person could have an opinion that when stated publicly could have such a dramatic effect on trading.

It could just be a coincidence, but it seems unlikely for such a punctuated change in trading sentiment to occur. Something would have to cause it.

He also talked about the Covid-19 trials starting for one of its clinical trials drugs. That right there might be a big part of the price appreciation, but this last catalyst here is also not breaking news. The Covid-19 trials were announced perhaps months ago.

Perhaps early Covid-19 trial results got leaked, but that is not in the Michael Marcus report.

Whatever the reason, I am glad to see this thing PTN move and show some signs of life. I will hold for at least $2.