Palatin Technologies, Inc. (PTN) Sees Significant Drop in Short Interest
Palatin Technologies, Inc. (NYSE:PTN) saw a significant drop in short interest in the month of October. As of October 13th, there was short interest totalling 3,024,549 shares, a drop of 11.3% from the September 29th total of 3,408,852 shares. Based on an average daily trading volume, of 2,241,028 shares, the days-to-cover ratio is presently 1.3 days. Approximately 1.8% of the company’s stock are short sold.
Several equities analysts recently issued reports on the stock. Zacks Investment Research lowered shares of Palatin Technologies from a “buy” rating to a “hold” rating in a report on Saturday, October 7th. Canaccord Genuity set a $6.00 price objective on shares of Palatin Technologies and gave the company a “buy” rating in a report on Sunday, September 10th.
Shares of Palatin Technologies (PTN) traded down 4.487% during midday trading on Tuesday, reaching $0.745. 1,718,796 shares of the company’s stock traded hands. The stock’s market capitalization is $133.39 million. The firm’s 50-day moving average price is $0.69 and its 200 day moving average price is $0.47. Palatin Technologies has a 1-year low of $0.29 and a 1-year high of $0.90.
Palatin Technologies (NYSE:PTN) last announced its earnings results on Monday, September 25th. The biopharmaceutical company reported $0.07 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.09. The business had revenue of $33.90 million for the quarter, compared to analysts’ expectations of $18.54 million. During the same period in the previous year, the company earned ($0.08) earnings per share. On average, equities analysts predict that Palatin Technologies will post ($0.35) earnings per share for the current fiscal year.
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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