Palatin Technologies, Inc. (NYSEAMERICAN:PTN) was the recipient of a large decrease in short interest during the month of July. As of July 15th, there was short interest totalling 11,070,000 shares, a decrease of 11.3% from the June 30th total of 12,480,000 shares. Based on an average trading volume of 2,670,000 shares, the days-to-cover ratio is currently 4.1 days. Approximately 5.2% of the shares of the stock are short sold.
Palatin Technologies stock opened at $0.58 on Friday. Palatin Technologies has a 1 year low of $0.36 and a 1 year high of $1.13.
Palatin Technologies (NYSEAMERICAN:PTN) last released its earnings results on Tuesday, May 12th. The biopharmaceutical company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02). During the same quarter last year, the company earned ($0.03) EPS.
Several large investors have recently made changes to their positions in PTN. Acadian Asset Management LLC raised its position in shares of Palatin Technologies by 67.4% in the 1st quarter. Acadian Asset Management LLC now owns 5,433,055 shares of the biopharmaceutical company’s stock valued at $2,302,000 after acquiring an additional 2,187,489 shares during the period. AQR Capital Management LLC acquired a new stake in shares of Palatin Technologies in the 4th quarter valued at approximately $577,000. Geode Capital Management LLC raised its position in shares of Palatin Technologies by 8.6% in the 4th quarter. Geode Capital Management LLC now owns 2,728,656 shares of the biopharmaceutical company’s stock valued at $2,134,000 after acquiring an additional 216,668 shares during the period. Wells Fargo & Company MN raised its holdings in Palatin Technologies by 33.8% during the 1st quarter. Wells Fargo & Company MN now owns 554,418 shares of the biopharmaceutical company’s stock worth $235,000 after buying an additional 139,940 shares during the period. Finally, State Street Corp raised its holdings in Palatin Technologies by 3.6% during the 1st quarter. State Street Corp now owns 3,688,659 shares of the biopharmaceutical company’s stock worth $1,563,000 after buying an additional 127,541 shares during the period.
A number of research analysts have issued reports on PTN shares. Zacks Investment Research downgraded shares of Palatin Technologies from a “hold” rating to a “sell” rating in a research report on Saturday. HC Wainwright restated a “buy” rating and set a $2.00 target price on shares of Palatin Technologies in a research report on Tuesday, May 12th.
About Palatin Technologies
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.
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