Palatin Technologies, Inc. (PTN) Short Interest Up 12.9% in September

Palatin Technologies, Inc. (NYSE:PTN) was the recipient of a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 1,357,303 shares, a growth of 12.9% from the September 15th total of 1,201,816 shares. Currently, 1.7% of the shares of the company are short sold. Based on an average daily trading volume, of 2,610,344 shares, the short-interest ratio is presently 0.5 days.

Palatin Technologies (NYSE:PTN) opened at 0.5962 on Friday. The company has a 50 day moving average price of $0.56 and a 200-day moving average price of $0.54. The company’s market cap is $51.23 million. Palatin Technologies has a 12 month low of $0.36 and a 12 month high of $0.90.

Palatin Technologies (NYSE:PTN) last posted its quarterly earnings data on Tuesday, September 20th. The biopharmaceutical company reported ($0.09) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by $0.01. During the same period last year, the firm earned $1.05 earnings per share. Equities analysts predict that Palatin Technologies will post ($0.33) earnings per share for the current fiscal year.

Several research analysts have weighed in on PTN shares. Zacks Investment Research upgraded Palatin Technologies from a “hold” rating to a “buy” rating and set a $0.75 price objective on the stock in a research report on Friday, September 23rd. S&P Equity Research lowered their price objective on Palatin Technologies from $0.61 to $0.55 in a research report on Thursday, September 22nd. Canaccord Genuity set a $6.00 price objective on Palatin Technologies and gave the stock a “buy” rating in a research report on Tuesday, September 20th. Finally, Roth Capital reiterated a “buy” rating and set a $4.00 price objective on shares of Palatin Technologies in a research report on Friday, September 9th.

A hedge fund recently bought a new stake in Palatin Technologies stock. Vivo Capital LLC acquired a new stake in Palatin Technologies, Inc. (NYSE:PTN) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 234,909 shares of the biopharmaceutical company’s stock, valued at approximately $127,000. Palatin Technologies makes up about 0.0% of Vivo Capital LLC’s holdings, making the stock its 24th largest position. Vivo Capital LLC owned about 0.35% of Palatin Technologies as of its most recent filing with the SEC.

About Palatin Technologies

Palatin Technologies, Inc is a biopharmaceutical company that develops targeted, receptor-specific peptide therapeutics for the treatment of diseases. The Company’s programs are based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems. Its primary product in clinical development is Bremelanotide, which is used for the treatment of female sexual dysfunction (FSD).

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