Short Interest in Palatin Technologies, Inc. (PTN) Rises By 20.1%
Palatin Technologies, Inc. (NYSE:PTN) was the target of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 2,839,985 shares, a growth of 20.1% from the October 14th total of 2,364,200 shares. Based on an average daily volume of 1,137,498 shares, the short-interest ratio is currently 2.5 days. Approximately 3.5% of the company’s shares are sold short.
An institutional investor recently raised its position in Palatin Technologies stock. Vanguard Group Inc. increased its stake in shares of Palatin Technologies, Inc. (NYSE:PTN) by 1.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,578,758 shares of the biopharmaceutical company’s stock after buying an additional 19,300 shares during the period. Vanguard Group Inc. owned 2.32% of Palatin Technologies worth $696,000 as of its most recent SEC filing.
Several research firms have weighed in on PTN. Roth Capital reissued a “buy” rating and issued a $4.00 price target on shares of Palatin Technologies in a research note on Friday, September 23rd. S&P Equity Research lowered their price objective on shares of Palatin Technologies from $0.61 to $0.55 in a research note on Thursday, September 22nd. Canaccord Genuity set a $6.00 price objective on shares of Palatin Technologies and gave the company a “buy” rating in a research note on Tuesday, September 20th. Finally, Zacks Investment Research raised shares of Palatin Technologies from a “hold” rating to a “buy” rating and set a $0.75 price objective for the company in a research note on Friday, September 23rd.
Palatin Technologies (NYSE:PTN) opened at 0.53 on Friday. Palatin Technologies has a 52 week low of $0.36 and a 52 week high of $0.86. The company’s market capitalization is $45.55 million. The stock’s 50 day moving average is $0.56 and its 200 day moving average is $0.54.
Palatin Technologies (NYSE:PTN) last posted its earnings results on Tuesday, September 20th. The biopharmaceutical company reported ($0.09) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by $0.01. During the same quarter in the prior year, the firm earned $1.05 EPS. On average, equities research analysts expect that Palatin Technologies will post ($0.28) earnings per share for the current year.
Palatin Technologies Company Profile
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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