Palatin Technologies major shareholder Sells $615,806 in Stock (PTN)
Palatin Technologies (NYSE:PTN) major shareholder Bvf Partners L. P/Il sold 540,181 shares of Palatin Technologies stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $1.14, for a total transaction of $615,806.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.
Shares of Palatin Technologies (NYSE:PTN) traded down 3.51% on Wednesday, hitting $1.10. 404,356 shares of the company’s stock traded hands. Palatin Technologies has a one year low of $0.51 and a one year high of $1.34. The stock’s 50-day moving average is $1.00 and its 200-day moving average is $0.75. The company’s market cap is $43.2 million. Palatin Technologies also was the target of a significant growth in short interest in the month of January. As of February 14th, there was short interest totalling 1,466,708 shares, a growth of 9.5% from the January 31st total of 1,339,590 shares. Based on an average daily trading volume, of 411,780 shares, the short-interest ratio is presently 3.6 days. Approximately 3.8% of the company’s shares are sold short.
Separately, analysts at Zacks upgraded shares of Palatin Technologies from an “underperform” rating to a “neutral” rating in a research note on Tuesday, December 3rd. They now have a $0.70 price target on the stock.
Palatin Technologies, Inc (NYSE:PTN) is a biopharmaceutical company engaged in the development of peptide, peptide mimetic and small molecule agonist compounds with a focus on melanocortin and natriuretic peptide receptor systems.
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