Palatin Technologies, Inc. (NYSE:PTN) saw a large increase in short interest in the month of June. As of June 30th, there was short interest totalling 11,882,839 shares, an increase of 8.4% from the June 15th total of 10,960,925 shares. Approximately 8.2% of the shares of the company are sold short. Based on an average trading volume of 1,421,332 shares, the days-to-cover ratio is currently 8.4 days.

Shares of Palatin Technologies (NYSE:PTN) traded up 0.8810% on Wednesday, hitting $0.4237. The company had a trading volume of 379,256 shares. The company’s market capitalization is $64.74 million. The stock’s 50-day moving average is $0.38 and its 200 day moving average is $0.40. Palatin Technologies has a 52 week low of $0.29 and a 52 week high of $0.90.

Palatin Technologies (NYSE:PTN) last announced its quarterly earnings results on Thursday, May 18th. The biopharmaceutical company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.10 by $0.12. The company had revenue of $10.82 million during the quarter, compared to the consensus estimate of $60 million. During the same period in the prior year, the company posted ($0.01) EPS. Equities analysts expect that Palatin Technologies will post ($0.06) EPS for the current year.

An institutional investor recently raised its position in Palatin Technologies stock. National Asset Management Inc. increased its stake in shares of Palatin Technologies, Inc. (NYSE:PTN) by 46.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 315,000 shares of the biopharmaceutical company’s stock after buying an additional 100,000 shares during the period. National Asset Management Inc. owned 0.23% of Palatin Technologies worth $104,000 as of its most recent SEC filing.

Separately, Canaccord Genuity set a $6.00 price objective on Palatin Technologies and gave the company a “buy” rating in a research note on Tuesday, May 16th.

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Palatin Technologies Company Profile

Palatin Technologies, Inc is a biopharmaceutical company. The Company is engaged in developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Its programs are based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems.

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