Palatin Technologies, Inc. (NYSE:PTN) was the recipient of a significant decline in short interest during the month of September. As of September 29th, there was short interest totalling 3,408,852 shares, a decline of 59.2% from the September 15th total of 8,348,738 shares. Based on an average trading volume of 2,508,279 shares, the short-interest ratio is currently 1.4 days. Currently, 2.0% of the shares of the stock are short sold.
An institutional investor recently raised its position in Palatin Technologies stock. National Asset Management Inc. lifted its position in shares of Palatin Technologies, Inc. (NYSE:PTN) by 46.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 315,000 shares of the biopharmaceutical company’s stock after buying an additional 100,000 shares during the period. National Asset Management Inc. owned about 0.23% of Palatin Technologies worth $104,000 as of its most recent SEC filing.
Palatin Technologies (NYSE:PTN) traded down 1.921% on Tuesday, reaching $0.817. The company’s stock had a trading volume of 2,849,582 shares. The stock’s 50 day moving average price is $0.58 and its 200 day moving average price is $0.44. The firm’s market cap is $146.28 million. Palatin Technologies has a 52-week low of $0.29 and a 52-week high of $0.90.
Palatin Technologies (NYSE:PTN) last announced its quarterly earnings data on Monday, September 25th. The biopharmaceutical company reported $0.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.09. The firm had revenue of $33.90 million for the quarter, compared to analysts’ expectations of $18.54 million. During the same period in the prior year, the business posted ($0.08) earnings per share. Equities research analysts expect that Palatin Technologies will post ($0.35) earnings per share for the current fiscal year.
A number of research analysts have issued reports on the company. Zacks Investment Research upgraded Palatin Technologies from a “hold” rating to a “buy” rating and set a $0.75 target price on the stock in a research report on Thursday, October 5th. Canaccord Genuity set a $6.00 target price on Palatin Technologies and gave the company a “buy” rating in a research report on Sunday, September 10th.
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Palatin Technologies Company Profile
Palatin Technologies, Inc is a biopharmaceutical company. The Company is engaged in developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Its programs are based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems.
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