Palatin Technologies, Inc. (PTN) Short Interest Update
Palatin Technologies, Inc. (NYSE:PTN) was the target of a large increase in short interest in the month of September. As of September 30th, there was short interest totalling 1,357,303 shares, an increase of 12.9% from the September 15th total of 1,201,816 shares. Currently, 1.7% of the company’s shares are sold short. Based on an average daily volume of 2,610,344 shares, the days-to-cover ratio is presently 0.5 days.
PTN has been the subject of a number of research analyst reports. Zacks Investment Research upgraded Palatin Technologies from a “hold” rating to a “buy” rating and set a $0.75 price target for the company in a report on Friday, September 23rd. Canaccord Genuity set a $6.00 price target on Palatin Technologies and gave the stock a “buy” rating in a report on Tuesday, September 20th. Roth Capital reiterated a “buy” rating and set a $4.00 price target on shares of Palatin Technologies in a report on Friday, September 9th. Finally, S&P Equity Research lowered their price target on Palatin Technologies from $0.61 to $0.55 in a report on Thursday, September 22nd.
A hedge fund recently bought a new stake in Palatin Technologies stock. Vivo Capital LLC purchased a new position in Palatin Technologies, Inc. (NYSE:PTN) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 234,909 shares of the biopharmaceutical company’s stock, valued at approximately $127,000. Palatin Technologies accounts for about 0.0% of Vivo Capital LLC’s investment portfolio, making the stock its 24th largest position. Vivo Capital LLC owned about 0.35% of Palatin Technologies as of its most recent filing with the SEC.
Shares of Palatin Technologies (NYSE:PTN) traded up 3.45% during trading on Tuesday, reaching $0.60. The company had a trading volume of 1,053,968 shares. The firm has a 50-day moving average of $0.55 and a 200 day moving average of $0.54. The firm’s market capitalization is $51.56 million. Palatin Technologies has a 52 week low of $0.36 and a 52 week high of $0.90.
Palatin Technologies (NYSE:PTN) last posted its earnings results on Tuesday, September 20th. The biopharmaceutical company reported ($0.09) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.08) by $0.01. During the same period in the prior year, the firm posted $1.05 earnings per share. On average, equities research analysts forecast that Palatin Technologies will post ($0.33) earnings per share for the current year.
About Palatin Technologies
Palatin Technologies, Inc is a biopharmaceutical company that develops targeted, receptor-specific peptide therapeutics for the treatment of diseases. The Company’s programs are based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems. Its primary product in clinical development is Bremelanotide, which is used for the treatment of female sexual dysfunction (FSD).
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