Palatin Technologies shares rise 11.41% premarket as Lucid Capital Markets initiates coverage with buy rating and $53 price target.

Palatin Technologies surged 11.41% in premarket trading after Lucid Capital Markets initiated coverage with a buy recommendation and a $53 price target. The firm’s positive outlook highlighted growth potential for the biopharmaceutical company, which is developing therapies for urology, oncology, and endocrinology. The recommendation, issued ahead of broader market hours, likely attracted investor attention to Palatin’s pipeline and strategic positioning, driving the sharp premarket increase.