Palatin Technologies (PTN) Shares Gap Down to $0.81

Palatin Technologies, Inc. (NYSEAMERICAN:PTN)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $0.72, but opened at $0.81. Palatin Technologies shares last traded at $0.83, with a volume of 742325 shares traded.

PTN has been the subject of a number of recent research reports. Zacks Investment Research cut Palatin Technologies from a “buy” rating to a “hold” rating in a report on Thursday, October 18th. HC Wainwright set a $5.00 price target on Palatin Technologies and gave the company a “buy” rating in a research note on Wednesday.

Palatin Technologies (NYSEAMERICAN:PTN) last issued its quarterly earnings results on Tuesday, November 13th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). The company had revenue of $0.04 million during the quarter, compared to analyst estimates of $2.40 million.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers acquired a new stake in Palatin Technologies during the second quarter worth approximately $168,000. Globeflex Capital L P acquired a new stake in Palatin Technologies during the second quarter worth approximately $211,000. Citadel Advisors LLC grew its stake in Palatin Technologies by 1,633.9% during the third quarter. Citadel Advisors LLC now owns 248,604 shares of the biopharmaceutical company’s stock worth $248,000 after purchasing an additional 234,266 shares during the period. Schwab Charles Investment Management Inc. acquired a new stake in Palatin Technologies during the second quarter worth approximately $355,000. Finally, Northern Trust Corp grew its stake in Palatin Technologies by 22.6% during the first quarter. Northern Trust Corp now owns 333,277 shares of the biopharmaceutical company’s stock worth $363,000 after purchasing an additional 61,351 shares during the period.

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About Palatin Technologies (NYSEAMERICAN:PTN)

Palatin Technologies, Inc, a biopharmaceutical company, develops targeted, receptor-specific therapeutics for the treatment of various diseases in the United States. The company's principal product is Vyleesi, an on demand subcutaneous injectable product that has completed Phase III clinical studies for the treatment of premenopausal women with acquired, generalized hypoactive sexual desire disorder.

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