Palatin Technologies, Inc. (NYSE:PTN) saw a significant increase in short interest in July. As of July 14th, there was short interest totalling 12,042,247 shares, an increase of 1.3% from the June 30th total of 11,882,839 shares. Currently, 8.3% of the company’s stock are sold short. Based on an average daily volume of 678,952 shares, the days-to-cover ratio is presently 17.7 days.

A hedge fund recently raised its stake in Palatin Technologies stock. Sabby Management LLC raised its stake in Palatin Technologies, Inc. (NYSE:PTN) by 21.1% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,025,729 shares of the biopharmaceutical company’s stock after buying an additional 353,156 shares during the period. Sabby Management LLC owned approximately 1.47% of Palatin Technologies worth $663,000 as of its most recent filing with the SEC.

Separately, Canaccord Genuity reaffirmed a “buy” rating and set a $6.00 price objective on shares of Palatin Technologies in a research report on Thursday, June 1st.

Shares of Palatin Technologies (PTN) traded down 0.909% during midday trading on Tuesday, reaching $0.436. The company had a trading volume of 755,425 shares. The company’s 50 day moving average price is $0.40 and its 200-day moving average price is $0.39. Palatin Technologies has a 52 week low of $0.29 and a 52 week high of $0.90. The company’s market capitalization is $66.62 million.

Palatin Technologies (NYSE:PTN) last released its quarterly earnings data on Thursday, May 18th. The biopharmaceutical company reported ($0.02) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by $0.12. The firm had revenue of $10.82 million during the quarter, compared to analyst estimates of $60 million. During the same period in the prior year, the company posted ($0.01) earnings per share. On average, equities research analysts predict that Palatin Technologies will post ($0.06) earnings per share for the current fiscal year.

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About Palatin Technologies

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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