Short Interest in Palatin Technologies, Inc. (PTN) Drops By 2.3%

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) was the target of a significant drop in short interest in December. As of December 15th, there was short interest totalling 4,923,874 shares, a drop of 2.3% from the November 30th total of 5,038,244 shares. Based on an average trading volume of 1,574,307 shares, the short-interest ratio is presently 3.1 days. Approximately 2.7% of the company’s stock are sold short.

An institutional investor recently bought a new position in Palatin Technologies stock. Russell Investments Group Ltd. bought a new stake in Palatin Technologies, Inc. (NYSEAMERICAN:PTN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 225,246 shares of the biopharmaceutical company’s stock, valued at approximately $149,000. Russell Investments Group Ltd. owned about 0.13% of Palatin Technologies at the end of the most recent reporting period.

Palatin Technologies (NYSEAMERICAN PTN) opened at $0.87 on Friday. The company has a market capitalization of $182.70, a price-to-earnings ratio of 17.40 and a beta of 1.66. Palatin Technologies has a twelve month low of $0.29 and a twelve month high of $1.05.

Palatin Technologies (NYSEAMERICAN:PTN) last posted its earnings results on Monday, November 13th. The biopharmaceutical company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.01). The business had revenue of $26.94 million during the quarter, compared to analysts’ expectations of $28.00 million. Palatin Technologies had a net margin of 39.36% and a return on equity of 10,489.06%. During the same period last year, the company earned ($0.08) EPS.

Several analysts have recently issued reports on the company. Canaccord Genuity set a $6.00 price objective on Palatin Technologies and gave the company a “buy” rating in a research note on Monday, November 13th. Zacks Investment Research cut Palatin Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, October 7th. Finally, Roth Capital set a $2.00 price objective on Palatin Technologies and gave the company a “buy” rating in a research note on Sunday, October 29th.

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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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