Palatin Technologies (NYSEAMERICAN:PTN) Shares Down 1.3% – Time to Sell?

Palatin Technologies (NYSEAMERICAN:PTN) fell 1.3% during mid-day trading on Friday . The company traded as low as $14.15 and last traded at $14.15. 7,973 shares were traded during mid-day trading, a decline of 63% from the average session volume of 21,277 shares. The stock had previously closed at $14.34.

Palatin Technologies Stock Performance

The company’s fifty day moving average is $17.93.

Palatin Technologies (NYSEAMERICAN:PTN) last posted its quarterly earnings data 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 business had revenue of $3.92 million during the quarter, compared to analyst estimates of $1.28 million.

Institutional Trading of Palatin Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in PTN. Geode Capital Management LLC acquired a new stake in shares of Palatin Technologies in the fourth quarter valued at approximately $272,000. Jane Street Group LLC bought a new stake in Palatin Technologies during the fourth quarter worth $166,000. Bleichroeder LP bought a new stake in Palatin Technologies during the fourth quarter worth $120,000. RA Capital Management L.P. bought a new stake in Palatin Technologies during the fourth quarter worth $1,077,000. Finally, Logos Global Management LP bought a new stake in Palatin Technologies during the fourth quarter worth $2,153,000. 11.50% of the stock is currently owned by institutional investors and hedge funds.

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.