Palatin Technologies, Inc. (NYSE:PTN) was the recipient of a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 2,882,683 shares, a growth of 1.5% from the October 31st total of 2,839,985 shares. Based on an average daily volume of 5,362,676 shares, the short-interest ratio is currently 0.5 days. Approximately 3.6% of the company’s shares are short sold.
A number of research firms recently commented on PTN. Roth Capital reaffirmed a “buy” rating and issued a $4.00 price objective on shares of Palatin Technologies in a research note on Friday, September 9th. Canaccord Genuity set a $6.00 price objective on shares of Palatin Technologies and gave the stock a “buy” rating in a research note on Tuesday, September 20th. S&P Equity Research decreased their price objective on shares of Palatin Technologies from $0.61 to $0.55 in a research note on Thursday, September 22nd. Finally, Zacks Investment Research raised shares of Palatin Technologies from a “hold” rating to a “buy” rating and set a $0.75 price objective for the company in a research note on Friday, September 23rd.
Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Palatin Technologies by 1.2% in the second quarter. Vanguard Group Inc. now owns 1,578,758 shares of the biopharmaceutical company’s stock worth $696,000 after buying an additional 19,300 shares in the last quarter. National Asset Management Inc. increased its position in shares of Palatin Technologies by 71.4% in the third quarter. National Asset Management Inc. now owns 240,000 shares of the biopharmaceutical company’s stock worth $151,000 after buying an additional 100,000 shares in the last quarter. Sphera Funds Management LTD. increased its position in shares of Palatin Technologies by 87.7% in the third quarter. Sphera Funds Management LTD. now owns 1,906,037 shares of the biopharmaceutical company’s stock worth $1,199,000 after buying an additional 890,663 shares in the last quarter. Finally, Baker BROS. Advisors LP bought a new position in shares of Palatin Technologies during the third quarter worth $1,289,000.
Palatin Technologies (NYSE:PTN) opened at 0.694 on Friday. The firm’s market cap is $74.98 million. The company has a 50-day moving average of $0.55 and a 200-day moving average of $0.54. Palatin Technologies has a 1-year low of $0.36 and a 1-year high of $0.86.
Palatin Technologies (NYSE:PTN) last announced its quarterly earnings results on Tuesday, November 15th. The biopharmaceutical company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). During the same quarter in the prior year, the company earned ($0.08) EPS. Analysts predict that Palatin Technologies will post ($0.28) earnings per share for the current year.
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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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