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Palatin Technologies (NYSE:PTN) issued its quarterly earnings data on Tuesday. The company reported ($0.01) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.03) by $0.02, reports.

Shares of Palatin Technologies (NYSE:PTN) opened at 1.14 on Tuesday. Palatin Technologies has a 1-year low of $0.56 and a 1-year high of $1.50. The stock’s 50-day moving average is $1.22 and its 200-day moving average is $0.95. The company’s market cap is $44.7 million. Palatin Technologies also was the recipient of a large decline in short interest in the month of April. As of April 30th, there was short interest totalling 2,771,624 shares, a decline of 5.1% from the April 15th total of 2,920,830 shares. Approximately 7.2% of the shares of the company are sold short. Based on an average trading volume of 323,927 shares, the short-interest ratio is currently 8.6 days.

A number of analysts have recently weighed in on PTN shares. Analysts at Zacks downgraded shares of Palatin Technologies from an “outperform” rating to a “neutral” rating in a research note on Wednesday, May 7th. They now have a $1.40 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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