Palatin Technologies, Inc. (NYSE:PTN) was the recipient of a significant decrease in short interest in the month of September. As of September 29th, there was short interest totalling 3,408,852 shares, a decrease of 59.2% from the September 15th total of 8,348,738 shares. Based on an average trading volume of 2,508,279 shares, the short-interest ratio is currently 1.4 days. Approximately 2.0% of the shares of the stock are sold short.

Shares of Palatin Technologies (PTN) opened at 0.77 on Friday. Palatin Technologies has a 12-month low of $0.29 and a 12-month high of $0.90. The firm has a 50-day moving average price of $0.62 and a 200 day moving average price of $0.45. The firm’s market cap is $137.86 million.

Palatin Technologies (NYSE:PTN) last issued its quarterly earnings results on Monday, September 25th. The biopharmaceutical company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.09. The firm had revenue of $33.90 million for the quarter, compared to analyst estimates of $18.54 million. During the same quarter last year, the business posted ($0.08) earnings per share. On average, equities research analysts anticipate that Palatin Technologies will post ($0.35) earnings per share for the current fiscal year.

A hedge fund recently raised its stake in Palatin Technologies stock. Sabby Management LLC increased its stake in Palatin Technologies, Inc. (NYSE:PTN) by 21.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,025,729 shares of the biopharmaceutical company’s stock after acquiring an additional 353,156 shares during the quarter. Sabby Management LLC owned approximately 1.47% of Palatin Technologies worth $663,000 at the end of the most recent quarter.

A number of research analysts recently weighed in on the company. Zacks Investment Research lowered Palatin Technologies from a “buy” rating to a “hold” rating in a report on Saturday, October 7th. Canaccord Genuity set a $6.00 target price on Palatin Technologies and gave the company a “buy” rating in a report on Sunday, September 10th.

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Palatin Technologies Company Profile

Palatin Technologies, Inc is a biopharmaceutical company. The Company is engaged in developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Its programs are based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems.

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