Renaissance Technologies LLC Reduces Stake in Palatin Technologies, Inc. (PTN)

Renaissance Technologies LLC trimmed its stake in shares of Palatin Technologies, Inc. (NYSEAMERICAN:PTN) by 54.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,252,770 shares of the biopharmaceutical company’s stock after selling 1,492,959 shares during the quarter. Renaissance Technologies LLC owned about 0.63% of Palatin Technologies worth $1,215,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in the company. BlackRock Inc. increased its position in Palatin Technologies by 771.0% in the 2nd quarter. BlackRock Inc. now owns 10,669,330 shares of the biopharmaceutical company’s stock valued at $10,348,000 after acquiring an additional 9,444,346 shares during the period. Strs Ohio acquired a new stake in Palatin Technologies in the 2nd quarter valued at approximately $746,000. Bank of New York Mellon Corp increased its position in Palatin Technologies by 263.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 512,132 shares of the biopharmaceutical company’s stock valued at $497,000 after acquiring an additional 371,276 shares during the period. Schwab Charles Investment Management Inc. acquired a new stake in Palatin Technologies in the 2nd quarter valued at approximately $355,000. Finally, Northern Trust Corp increased its position in Palatin Technologies by 22.6% in the 1st quarter. Northern Trust Corp now owns 333,277 shares of the biopharmaceutical company’s stock valued at $363,000 after acquiring an additional 61,351 shares during the period.

PTN opened at $0.90 on Thursday. Palatin Technologies, Inc. has a 12 month low of $0.72 and a 12 month high of $1.59.

Palatin Technologies (NYSEAMERICAN:PTN) last posted its earnings results on Thursday, September 13th. The biopharmaceutical company reported $0.06 EPS for the quarter. Palatin Technologies had a return on equity of 155.80% and a net margin of 28.55%. The firm had revenue of $20.62 million for the quarter, compared to analysts’ expectations of $6.03 million. During the same period last year, the firm earned ($0.02) EPS.

Several analysts recently commented on the company. HC Wainwright set a $5.00 target price on Palatin Technologies and gave the company a “buy” rating in a research report on Thursday, September 13th. Zacks Investment Research upgraded Palatin Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, July 18th. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $3.75.

Palatin Technologies Company Profile

Palatin Technologies, Inc, a biopharmaceutical company, develops targeted, receptor-specific therapeutics for the treatment of various diseases in the United States. The company's principal product is Vyleesi, an on demand subcutaneous injectable product that has completed Phase III clinical studies for the treatment of premenopausal women with acquired, generalized hypoactive sexual desire disorder.

See Also: Beta

Institutional Ownership by Quarter for Palatin Technologies (NYSEAMERICAN:PTN)

Receive News & Ratings for Palatin Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Palatin Technologies and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply