Palatin Technologies, Inc. (NYSEAMERICAN:PTN) shares gapped down prior to trading on Thursday . The stock had previously closed at $0.97, but opened at $0.95. Palatin Technologies shares last traded at $0.90, with a volume of 2189400 shares trading hands.

A number of research firms have issued reports on PTN. Zacks Investment Research lowered shares of 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 shares of Palatin Technologies and gave the company a “buy” rating in a report on Monday, November 13th. Finally, Roth Capital set a $2.00 target price on shares of Palatin Technologies and gave the company a “buy” rating in a report on Sunday, October 29th.

Palatin Technologies (NYSEAMERICAN:PTN) last posted its quarterly earnings data on Monday, November 13th. The biopharmaceutical company reported $0.05 EPS for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.01). The firm had revenue of $26.94 million for the quarter, compared to the consensus estimate of $28.00 million. During the same period in the prior year, the company posted ($0.08) earnings per share.

A hedge fund recently raised its stake in Palatin Technologies stock. Bank of New York Mellon Corp grew its stake in shares of Palatin Technologies, Inc. (NYSEAMERICAN:PTN) by 500.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 151,473 shares of the biopharmaceutical company’s stock after acquiring an additional 126,236 shares during the quarter. Bank of New York Mellon Corp owned about 0.08% of Palatin Technologies worth $101,000 at the end of the most recent quarter.

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About Palatin Technologies

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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