Palatin Technologies, Inc. (PTN) Short Interest Update
Palatin Technologies, Inc. (NYSE:PTN) saw a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 1,357,303 shares, an increase of 12.9% from the September 15th total of 1,201,816 shares. Currently, 1.7% of the shares of the stock are sold short. Based on an average trading volume of 2,610,344 shares, the days-to-cover ratio is presently 0.5 days.
PTN has been the subject of a number of analyst reports. Zacks Investment Research cut Palatin Technologies from a “buy” rating to a “hold” rating in a report on Tuesday, July 5th. Roth Capital reissued a “buy” rating and issued a $4.00 price target on shares of Palatin Technologies in a report on Friday, September 9th. Canaccord Genuity set a $6.00 price target on Palatin Technologies and gave the stock a “buy” rating in a report on Tuesday, September 20th. Finally, S&P Equity Research cut their price target on Palatin Technologies from $0.61 to $0.55 in a report on Thursday, September 22nd.
Palatin Technologies (NYSE:PTN) traded up 3.45% during trading on Tuesday, reaching $0.60. The company had a trading volume of 1,053,968 shares. The stock’s market cap is $51.56 million. Palatin Technologies has a 52-week low of $0.36 and a 52-week high of $0.90. The company has a 50-day moving average price of $0.55 and a 200 day moving average price of $0.54.
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Palatin Technologies (NYSE:PTN) last posted its earnings results on Tuesday, September 20th. The biopharmaceutical company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.08) by $0.01. During the same quarter in the previous year, the business posted $1.05 earnings per share. On average, analysts anticipate that Palatin Technologies will post ($0.33) earnings per share for the current year.
A hedge fund recently bought a new stake in Palatin Technologies stock. Vivo Capital LLC bought a new stake in shares of Palatin Technologies, Inc. (NYSE:PTN) during the first quarter, according to its most recent disclosure with the SEC. The firm bought 234,909 shares of the biopharmaceutical company’s stock, valued at approximately $127,000. Palatin Technologies makes up about 0.0% of Vivo Capital LLC’s holdings, making the stock its 24th largest position. Vivo Capital LLC owned about 0.35% of Palatin Technologies at the end of the most recent quarter.
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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