Oldham's quest for a first league win of the campaign was snatched away by a last-gasp Ash Hunter penalty as Fleetwood clinched a 2-2 draw in stoppage time at Highbury.
John Sheridan's men looked to be on course to cause an upset at Town's home fortress but Hunter coolly fired home from the spot in the 90th minute after Devante Cole was bundled over in the box.
Oldham took the lead against the run of play in the 18th minute as Eoin Doyle's inch-perfect cross from the right was nodded home by the unmarked Craig Davies.
But Fleetwood deservedly drew level in the 24th minute as, after a flurry of set-pieces, they finally found a ruthless edge as Kyle Dempsey's free-kick was nodded back across goal by Baily Cargill into the path of Ash Eastham who nodded home from close range.
Fleetwood had two huge chances to take the lead either side of half-time but Sheffield United's deadline-day target Devante Cole was off the boil as he failed to hit the target twice, unmarked and 10 yards out.
And Oldham made Fleetwood pay for those missed opportunities as Kean Bryan popped up to spectacularly blast the ball home from distance after Uwe Rosler's men failed to clear a corner.
It looked like the Latics would clinch their first league win of the season but they had to settle for their first point as they ended a five-match losing streak against promotion hopefuls Town.