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Shares of Palatin Technologies (NYSE:PTN) saw a significant drop in short interest in the month of August. As of August 15th, there was short interest totalling 2,165,505 shares, a drop of 6.6% from the July 31st total of 2,317,883 shares, American Banking News reports. Currently, 5.6% of the shares of the stock are sold short. Based on an average daily volume of 78,195 shares, the short-interest ratio is presently 27.7 days.

Separately, analysts at Zacks downgraded shares of Palatin Technologies from an “outperform” rating to a “neutral” rating in a research note on Wednesday, July 30th. They now have a $1.20 price target on the stock.

Shares of Palatin Technologies (NYSE:PTN) opened at 0.8636 on Thursday. Palatin Technologies has a one year low of $0.56 and a one year high of $1.50. The stock’s 50-day moving average is $0.97 and its 200-day moving average is $1.09. The company’s market cap is $33.9 million.

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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