Palatin Technologies, Inc. (NYSE:PTN) was the target of a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 8,989,516 shares, a drop of 25.4% from the July 14th total of 12,042,247 shares. Based on an average trading volume of 646,700 shares, the short-interest ratio is currently 13.9 days. Approximately 6.2% of the shares of the stock are short sold.

A number of research analysts have commented on the stock. Zacks Investment Research cut shares of Palatin Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, July 29th. Canaccord Genuity reiterated a “buy” rating and set a $6.00 price target on shares of Palatin Technologies in a research report on Thursday, June 1st.

A hedge fund recently raised its stake in Palatin Technologies stock. Sabby Management LLC increased its stake in shares of Palatin Technologies, Inc. (NYSE:PTN) by 21.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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.

Shares of Palatin Technologies (NYSE PTN) traded down 5.4106% on Wednesday, reaching $0.3951. 483,590 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $0.42 and a 200 day moving average price of $0.39. The firm’s market cap is $60.37 million. Palatin Technologies has a one year low of $0.29 and a one year high of $0.90.

Palatin Technologies (NYSE:PTN) last issued 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 quarter last year, the business earned ($0.01) earnings per share. Analysts expect that Palatin Technologies will post ($0.14) EPS 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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