Palatin Technologies (NYSEAMERICAN:PTN) Trading 1.7% Higher – Here’s Why

Shares of Palatin Technologies (NYSEAMERICAN:PTN) shot up 1.7% during mid-day trading on Tuesday . The company traded as high as $8.77 and last traded at $8.62. Approximately 6,101 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 20,820 shares. The stock had previously closed at $8.48.

Palatin Technologies Trading Up 1.7%

The firm’s 50-day moving average price is $12.33 and its 200 day moving average price is $16.78.

Palatin Technologies (NYSEAMERICAN:PTN) last posted its earnings results on Wednesday, May 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.24) by $0.87. The firm had revenue of $3.92 million for the quarter, compared to analyst estimates of $1.28 million.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC acquired a new position in shares of Palatin Technologies during the fourth quarter valued at $272,000. Janus Henderson Group PLC bought a new position in Palatin Technologies in the 4th quarter valued at about $2,195,000. Logos Global Management LP acquired a new position in Palatin Technologies during the 4th quarter valued at about $2,153,000. RA Capital Management L.P. bought a new stake in shares of Palatin Technologies during the 4th quarter worth about $1,077,000. Finally, Perceptive Advisors LLC acquired a new stake in shares of Palatin Technologies in the 4th quarter worth approximately $1,077,000. Institutional investors and hedge funds own 11.50% of the company’s stock.

About Palatin Technologies

Palatin Technologies, Inc (NYSE American: PTN) is a clinical-stage biopharmaceutical company focused on the development of receptor-targeted peptide therapeutics. The company concentrates on designing and advancing peptide- and small-molecule programs that selectively target specific receptor systems with the goal of treating endocrine, inflammatory and cardiovascular-related disorders. Palatin’s approach emphasizes receptor specificity to improve therapeutic profiles and reduce off-target effects commonly seen with less selective agents.

Palatin’s activities center on preclinical and clinical development, regulatory interaction and the pursuit of strategic partnerships or licensing arrangements to support late-stage development and commercialization.