Short Interest in Palatin Technologies, Inc. (PTN) Declines By 6.6%

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) saw a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 6,092,813 shares, a decline of 6.6% from the January 12th total of 6,521,998 shares. Currently, 3.4% of the shares of the company are short sold. Based on an average daily trading volume, of 1,101,308 shares, the days-to-cover ratio is presently 5.5 days.

Several institutional investors and hedge funds have recently bought and sold shares of PTN. Acadian Asset Management LLC boosted its position in shares of Palatin Technologies by 272.5% in the fourth quarter. Acadian Asset Management LLC now owns 1,249,283 shares of the biopharmaceutical company’s stock worth $1,075,000 after purchasing an additional 913,862 shares during the period. Virtu Financial LLC boosted its position in shares of Palatin Technologies by 87.0% in the fourth quarter. Virtu Financial LLC now owns 632,045 shares of the biopharmaceutical company’s stock worth $543,000 after purchasing an additional 294,098 shares during the period. Russell Investments Group Ltd. bought a new position in shares of Palatin Technologies in the third quarter worth approximately $149,000. Arrowstreet Capital Limited Partnership bought a new position in shares of Palatin Technologies in the fourth quarter worth approximately $149,000. Finally, Wells Fargo & Company MN boosted its position in shares of Palatin Technologies by 79,946.5% in the fourth quarter. Wells Fargo & Company MN now owns 160,093 shares of the biopharmaceutical company’s stock worth $137,000 after purchasing an additional 159,893 shares during the period.

PTN has been the subject of several recent research reports. Roth Capital set a $2.00 target price on shares of Palatin Technologies and gave the company a “buy” rating in a research report on Sunday, October 29th. Zacks Investment Research lowered shares of Palatin Technologies from a “buy” rating to a “strong sell” rating in a research report on Wednesday, November 1st. Finally, Canaccord Genuity set a $6.00 target price on shares of Palatin Technologies and gave the company a “buy” rating in a research report on Monday, November 13th.

Shares of Palatin Technologies (NYSEAMERICAN PTN) traded up $0.02 during midday trading on Friday, reaching $0.90. 1,204,894 shares of the company traded hands, compared to its average volume of 1,251,918. The company has a market capitalization of $162.89, a price-to-earnings ratio of 18.00 and a beta of 1.82. Palatin Technologies has a 12 month low of $0.29 and a 12 month high of $1.05.

Palatin Technologies (NYSEAMERICAN:PTN) last posted its quarterly earnings results on Monday, November 13th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, missing the Zacks’ 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 quarter in the previous year, the company earned ($0.08) earnings per share.

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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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