Palatin Technologies, Inc. (PTN) Sees Significant Increase in Short Interest

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) was the target of a significant increase in short interest during the month of December. As of December 29th, there was short interest totalling 5,030,680 shares, an increase of 2.2% from the December 15th total of 4,923,874 shares. Based on an average daily volume of 893,410 shares, the short-interest ratio is presently 5.6 days. Currently, 2.8% of the company’s shares are sold short.

Shares of Palatin Technologies (NYSEAMERICAN:PTN) traded up $0.03 during midday trading on Wednesday, reaching $0.92. 839,600 shares of the company’s stock traded hands, compared to its average volume of 1,750,450. The company has a market capitalization of $182.70, a P/E ratio of 18.40 and a beta of 1.66. Palatin Technologies has a twelve month low of $0.29 and a twelve month high of $1.05.

Palatin Technologies (NYSEAMERICAN:PTN) last announced its quarterly earnings data on Monday, November 13th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by ($0.01). The firm had revenue of $26.94 million during the quarter, compared to the consensus estimate of $28.00 million. Palatin Technologies had a return on equity of 10,489.06% and a net margin of 39.36%. During the same period in the previous year, the business earned ($0.08) EPS.

Several brokerages have issued reports on PTN. Zacks Investment Research downgraded shares of Palatin Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, October 7th. Canaccord Genuity set a $6.00 price objective on shares of Palatin Technologies and gave the stock a “buy” rating in a research note on Monday, November 13th. Finally, Roth Capital set a $2.00 price objective on shares of Palatin Technologies and gave the stock a “buy” rating in a research note on Sunday, October 29th.

An institutional investor recently raised its position in Palatin Technologies stock. Bank of New York Mellon Corp grew its stake in shares of Palatin Technologies, Inc. (NYSEAMERICAN:PTN) by 500.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 151,473 shares of the biopharmaceutical company’s stock after acquiring an additional 126,236 shares during the period. Bank of New York Mellon Corp owned about 0.08% of Palatin Technologies worth $101,000 at the end of the most recent quarter.

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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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