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Stock Market & Financial Investment News

News Breaks
March 19, 2013
07:32 EDTPTNPalatin Tech announces notification of patent allowance
Palatin Technologies announced that the United States Patent and Trademark Office has issued a Notice of Allowance for U.S. Patent Application Serial Number 13/472,914. The application includes composition of matter claims on two of Palatin's most advanced melanocortin receptor-1 specific peptides. Palatin is conducting in vitro and animal in vivo studies with the peptides claimed in the allowed patent and with related peptides. Proposed indications under study include dermatologic indications such as vitiligo and erythropoietic protoporphyria, inflammatory bowel disease, ocular indications such as uveitis and dry eye, and nephritis and other kidney conditions. Palatin plans to designate an initial clinical lead peptide candidate in the first half of 2013 and start toxicology and other preclinical studies preparatory to filing an Investigational New Drug Application with the U.S. Food and Drug Administration.
News For PTN From The Last 14 Days
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August 21, 2015
09:22 EDTPTNPalatin shares undervalued, says Noble Financial
Noble said Valeant's (VRX) acquisition of Sprout for $1B underscores that Palatin is undervalued and noted its drug candidate bremelanotide is an on-demand treatment, unlike flibanserin taken daily, and has a distinct MoA and is devoid of the safety risks associated with flibanserin. The firm rates shares a Buy with a $4 price target.
August 20, 2015
16:48 EDTPTNOn The Fly: Top stock stories for Thursday
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13:26 EDTPTNOn The Fly: Top stock stories at midday
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09:20 EDTPTNOn The Fly: Pre-market Movers
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09:13 EDTPTNPalatin up 15.18% after Valeant announces plans to buy Sprout for $1B
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August 19, 2015
16:58 EDTPTNOn The Fly: Top stock stories for Wednesday
The market opened deep in negative territory after a tumultuous trading session in China and a softer than expected U.S. consumer prices report. Sellers continued to push the averages lower throughout the morning, with the Dow tacking on losses of more than 200 points as investors waited for the release of the Fed minutes. The market rallied following an early leak of the minutes, which suggested officials are getting closer to raising rates but appear to be waiting for additional data. Despite the afternoon rally, the averages sold off once again heading into the close, leaving all three indices in the negatives for Wednesday. ECONOMIC EVENTS: In the U.S., the July consumer price index edged up 0.1% against expectations for 0.2% reading. The core reading, which excludes food and energy, also came in at 0.1% versus consensus estimates of 0.2%. There were no revisions to the 0.3% headline gain in June or the 0.2% growth in the ex-food and energy component. Component gains were muted across the board, with Energy prices up just 0.1% in July. Meanwhile, FOMC minutes showed no definitive indication of a September rate hike. Most committee members "judged that the conditions for policy firming had not yet been achieved, but they noted that conditions were approaching that point." Other members, however, believed that the inflation outlook "might not soon meet one of the conditions... for initiating a firming of policy." COMPANY NEWS: Shares of Dot Hill Systems (HILL) soared $4.50, or 86.87%, to $9.68 after Seagate Technology (STX) agreed to acquire the company for $9.75 per share, noting that it expects the deal to be non-GAAP EPS accretive in fiscal 2016. Shares of the hard drive giant fell 5.03% to $49.43 for the session... Lowe's (LOW) shares saw gains of $1.34, or 1.84%, to $74.36 following the company's earnings report this morning, while Target (TGT) rose $59c, or 0.73%, to $80.89 after beating on both top and bottom lines. On a subsequent conference call, Target executives forecast a "choppy" competitive environment in Q3, though they added that the company "will not get beat" on promotions in Q4. Separately, American Eagle (AEO) lost 7.42% to $16.92 after its quarterly numbers. MAJOR MOVERS: Among the notable gainers were Palatin (PTN) and Apricus (APRI), showing respective advances of 3.19% and 7.89% after the FDA approved Sprout's female sexual dysfunction drug Addyi, with the agency remarking that it "continues to encourage drug development in this area." Note that both Palatin and Apricus are developing their own treatments in the space, and Apricus reaffirmed this morning its intent to seek a global partner as it advances its Femprox sexual dysfunction medication. Also higher was Yum! Brands (YUM), which gained $1.90, or 2.26%, to $86.10 after appointing a new CEO of its China division, adding that its same-store sales in the region "have turned significantly positive." Among the noteworthy losers was Rayonier Advanced Materials (RYAM), plunging $6.01, or 44.09%, to $7.62 after disclosing a legal battle with its customer Eastman Chemical (EMN) over "meet or release" contract stipulations which may impact Eastman's purchase obligations. Also lower was Caesarstone (CSTE), which lost $3.43, or 7.14%, to $44.61 after short-selling hedge fund Spruce Point said the stock has up to 75% downside due to heightened raw material costs and competitive concerns, among other factors. Separately, EOG Resources (EOG), Baytex Energy (BTE), and Vanguard Natural (VNR) saw respective losses of 4.15%, 15.53%, and 13.83% after WTI crude fell 5.02% for the session. INDEXES: The Dow declined 162.61, or 0.93%, to 17,348.73, the Nasdaq fell 40.30, or 0.80%, to 5,019.05, and the S&P 500 lost 17.31, or 0.83%, to 2,079.61.
13:30 EDTPTNOn The Fly: Top stock stories at midday
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09:19 EDTPTNOn The Fly: Pre-market Movers
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05:11 EDTPTNPalatin supports FDA approval of flibanserin
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August 18, 2015
19:00 EDTPTNFDA approves female sexual dysfunction drug Addyi
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