Short Interest in Palatin Technologies, Inc. (PTN) Declines By 11.3%

Palatin Technologies, Inc. (NYSE:PTN) was the target of a large decrease in short interest during the month of October. As of October 13th, there was short interest totalling 3,024,549 shares, a decrease of 11.3% from the September 29th total of 3,408,852 shares. Approximately 1.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,241,028 shares, the days-to-cover ratio is currently 1.3 days.

PTN has been the subject of several recent analyst reports. Zacks Investment Research downgraded Palatin Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, July 29th. Canaccord Genuity set a $6.00 price objective on Palatin Technologies and gave the stock a “buy” rating in a research report on Sunday, September 10th.

Shares of Palatin Technologies (PTN) opened at 0.756 on Friday. The company’s 50 day moving average price is $0.70 and its 200 day moving average price is $0.48. The company’s market capitalization is $135.36 million. Palatin Technologies has a 12 month low of $0.29 and a 12 month high of $0.90.

Palatin Technologies (NYSE:PTN) last posted its earnings results on Monday, September 25th. The biopharmaceutical company reported $0.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.09. The business had revenue of $33.90 million for the quarter, compared to analysts’ expectations of $18.54 million. During the same quarter in the previous year, the firm earned ($0.08) earnings per share. Analysts expect that Palatin Technologies will post ($0.35) EPS for the current fiscal year.

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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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