Pain Therapeutics, Inc. (PTIE) Rating Increased to Buy at Zacks Investment Research

Pain Therapeutics, Inc. (NASDAQ:PTIE) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The brokerage currently has a $4.00 price target on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.68% from the company’s current price.

According to Zacks, “Pain Therapeutics is developing a new generation of opioid painkillers. Opioids are drugs derived from the poppy plant. The company uses technology to reformulate opioid drugs, such as morphine, into new painkillers with improved clinical benefits. The company has four opioid painkillers in Phase II clinical trials. The company believes its drugs offer enhanced pain relief, fewer adverse side effects and reduced tolerance and addiction compared to existing opioid painkillers. “

PTIE has been the topic of several other research reports. ValuEngine downgraded Pain Therapeutics from a “sell” rating to a “strong sell” rating in a report on Friday, June 2nd. Gabelli downgraded Pain Therapeutics from a “hold” rating to a “sell” rating in a report on Monday, July 17th.

Pain Therapeutics (PTIE) opened at 3.55 on Thursday. The firm’s 50-day moving average is $3.95 and its 200 day moving average is $1.91. The stock’s market capitalization is $23.40 million. Pain Therapeutics has a 12-month low of $3.39 and a 12-month high of $21.00.

Pain Therapeutics (NASDAQ:PTIE) last posted its quarterly earnings data on Tuesday, April 25th. The biopharmaceutical company reported ($0.42) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.42). Equities research analysts anticipate that Pain Therapeutics will post $1.29 earnings per share for the current year.

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A hedge fund recently raised its stake in Pain Therapeutics stock. Bank of New York Mellon Corp raised its position in shares of Pain Therapeutics, Inc. (NASDAQ:PTIE) by 10.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 172,792 shares of the biopharmaceutical company’s stock after buying an additional 16,864 shares during the period. Bank of New York Mellon Corp owned approximately 0.38% of Pain Therapeutics worth $154,000 at the end of the most recent quarter.

About Pain Therapeutics

Pain Therapeutics, Inc is a biopharmaceutical company. The Company is focused on drug development efforts on disorders of the nervous system, such as chronic pain. The Company’s lead drug candidate, REMOXY, is an abuse-deterrent, oral formulation of oxycodone (CII). The Company’s other products is FENROCK.

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