InvestorPlace - Stock Market News, Stock Advice & Trading Tips

Palatin Technologies (NYSEAMERICAN:PTN) stock is taking off on Wednesday thanks to a new analyst price target.

H.C. Wainwright analyst Joseph Pantginis is behind today's news as he reiterated the firm's buy rating for PTN stock. To go along with that, Pantginis also increased the price target for PTN stock from $2 per share to $5 per share.

That new price target for PTN stock represents massive growth potential for the company. The $5 price prediction is a roughly 1,371% upside for the stock compared to its closing price on Tuesday.

It's also worth pointing out that the buy rating is right on the money with the other two analysts covering PTN stock holding the same stance. However, the $5 price target is well above the consensus of $3.33 per share.

So why is the H.C. Wainwright analyst taking such a bullish stance on PTN stock? The company is preparing to start its Phase 3 clinical trial for its dry eye disease and visibility and that could mean major gains for the stock, reports TheFly.com.

• 7 Dividend Stocks to Gift to Your Kids (Or Grandkids)

The new price target for PTN stock has it seeing heavier-than-normal trading today. That has some 30 million shares of the stock changing hands as of this writing. To put that in perspective, the company's daily average trading volume is only about 966,000 shares.

PTN stock is up 33.7% as of Wednesday morning but is down 30.3% since the start of the year.

There's more juicy stock market news to sink your teeth into below!

We're serving up all the latest stock coverage that traders are hungry for. That includes what's happening with shares of Engine Gaming and Media (NASDAQ:GAME), Biofrontera (NASDAQ:BFRI), and retail stocks today. You can get all that news from the following links!

More Wednesday Stock Market News

• GAME Stock: 6 Reasons Why Engine Gaming and Media Investors Are Feeling Thankful Today
• BFRI Stock: 7 Things to Know About Biofrontera as Shares Rocket on $20 Price Prediction
• Retail Stocks: What's Going On With JWN, GPS and GES Today?

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That's because these "penny stocks" are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that  InvestorPlace.com's writers disclose this fact and warn readers of the risks. 

Read More: Penny Stocks — How to Profit Without Getting Scammed

The post PTN Stock Alert: Why One Analyst Sees 1,371% Upside for Palatin Technologies appeared first on InvestorPlace.