Palatin Technologies, Inc. (NYSEAMERICAN:PTN) was the target of a significant decrease in short interest in October. As of October 15th, there was short interest totalling 13,016,910 shares, a decrease of 2.3% from the September 28th total of 13,329,748 shares. Currently, 6.8% of the shares of the stock are short sold. Based on an average trading volume of 782,077 shares, the days-to-cover ratio is currently 16.6 days.
PTN has been the topic of several recent research reports. Zacks Investment Research upgraded Palatin Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, July 18th. HC Wainwright set a $5.00 price objective on Palatin Technologies and gave the company a “buy” rating in a research report on Thursday, September 13th. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $3.75.
A number of institutional investors have recently added to or reduced their stakes in PTN. BlackRock Inc. increased its stake in Palatin Technologies by 771.0% in the second quarter. BlackRock Inc. now owns 10,669,330 shares of the biopharmaceutical company’s stock valued at $10,348,000 after purchasing an additional 9,444,346 shares during the last quarter. Northern Trust Corp raised its stake in Palatin Technologies by 524.9% during the second quarter. Northern Trust Corp now owns 2,082,532 shares of the biopharmaceutical company’s stock worth $2,020,000 after buying an additional 1,749,255 shares during the last quarter. Strs Ohio bought a new position in Palatin Technologies during the second quarter worth $746,000. Bank of New York Mellon Corp raised its stake in Palatin Technologies by 263.6% during the second quarter. Bank of New York Mellon Corp now owns 512,132 shares of the biopharmaceutical company’s stock worth $497,000 after buying an additional 371,276 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. bought a new position in Palatin Technologies during the second quarter worth $355,000.
Palatin Technologies stock traded down $0.04 during trading on Friday, hitting $0.93. The company’s stock had a trading volume of 609,141 shares, compared to its average volume of 1,522,869. Palatin Technologies has a 1-year low of $0.75 and a 1-year high of $1.59.
Palatin Technologies (NYSEAMERICAN:PTN) last released its earnings results on Thursday, September 13th. The biopharmaceutical company reported $0.06 EPS for the quarter. The business had revenue of $20.62 million during the quarter, compared to analyst estimates of $6.03 million. During the same quarter in the previous year, the company posted ($0.02) earnings per share.
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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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