Palatin Technologies, Inc. (NYSEAMERICAN:PTN) was the recipient of a significant decline in short interest in the month of December. As of December 14th, there was short interest totalling 14,734,903 shares, a decline of 4.8% from the November 30th total of 15,476,543 shares. Based on an average daily volume of 771,188 shares, the short-interest ratio is currently 19.1 days. Currently, 7.7% of the company’s shares are short sold.
PTN has been the subject of a number of analyst reports. HC Wainwright restated a “buy” rating and set a $5.00 target price on shares of Palatin Technologies in a report on Friday. Zacks Investment Research upgraded Palatin Technologies from a “hold” rating to a “buy” rating and set a $1.00 price objective for the company in a report on Wednesday, October 17th.
Palatin Technologies stock traded down $0.01 during midday trading on Friday, reaching $0.73. The company had a trading volume of 259,462 shares, compared to its average volume of 574,237. Palatin Technologies has a 12-month low of $0.59 and a 12-month high of $1.59.
Palatin Technologies (NYSEAMERICAN:PTN) last released its earnings results on Tuesday, November 13th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.03). The business had revenue of $0.04 million during the quarter, compared to analysts’ expectations of $2.40 million.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Schwab Charles Investment Management Inc. acquired a new stake in shares of Palatin Technologies during the 2nd quarter worth approximately $355,000. BlackRock Inc. increased its holdings 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 purchasing an additional 9,444,346 shares during the last quarter. Strs Ohio acquired a new stake in Palatin Technologies in the 2nd quarter valued at approximately $746,000. Rhumbline Advisers acquired a new stake in Palatin Technologies in the 2nd quarter valued at approximately $168,000. Finally, Bank of New York Mellon Corp increased its holdings 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 purchasing an additional 371,276 shares during the last quarter.
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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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