Palatin Technologies, Inc. (NYSE:PTN) was the target of a significant growth in short interest in September. As of September 15th, there was short interest totalling 1,201,816 shares, a growth of 33.4% from the August 31st total of 901,132 shares. Based on an average daily volume of 1,367,129 shares, the short-interest ratio is currently 0.9 days. Approximately 1.6% of the company’s stock are sold short.
A number of equities analysts have weighed in on the stock. Roth Capital reaffirmed a “buy” rating and set a $4.00 target price on shares of Palatin Technologies in a research note on Friday, September 23rd. Zacks Investment Research raised shares of Palatin Technologies from a “hold” rating to a “buy” rating and set a $0.75 target price for the company in a research note on Friday, September 23rd. S&P Equity Research decreased their target price on shares of Palatin Technologies from $0.61 to $0.55 in a research note on Thursday, September 22nd. Finally, Canaccord Genuity set a $6.00 target price on shares of Palatin Technologies and gave the company a “buy” rating in a research note on Tuesday, September 20th.
A hedge fund recently bought a new stake in Palatin Technologies stock. Vivo Capital LLC purchased a new position in Palatin Technologies, Inc. (NYSE:PTN) during the first quarter, according to its most recent filing with the SEC. The fund purchased 234,909 shares of the biopharmaceutical company’s stock, valued at approximately $127,000. Palatin Technologies comprises approximately 0.0% of Vivo Capital LLC’s investment portfolio, making the stock its 24th largest position. Vivo Capital LLC owned about 0.35% of Palatin Technologies at the end of the most recent reporting period.
Shares of Palatin Technologies (NYSE:PTN) opened at 0.629 on Friday. The company’s 50 day moving average is $0.54 and its 200 day moving average is $0.53. Palatin Technologies has a 12 month low of $0.36 and a 12 month high of $0.90. The company’s market cap is $54.05 million.
Palatin Technologies (NYSE:PTN) last announced its quarterly earnings results on Tuesday, September 20th. The biopharmaceutical company reported ($0.09) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.08) by $0.01. During the same period in the previous year, the firm earned $1.05 EPS. On average, equities research analysts predict that Palatin Technologies will post ($0.33) EPS for the current fiscal year.
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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