Palatin Technologies, Inc. (NYSE:PTN) saw a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 8,989,516 shares, a decrease of 25.4% from the July 14th total of 12,042,247 shares. Currently, 6.2% of the company’s shares are short sold. Based on an average daily trading volume, of 646,700 shares, the short-interest ratio is presently 13.9 days.

PTN has been the topic of several research analyst reports. Canaccord Genuity reaffirmed a “buy” rating and issued a $6.00 price objective on shares of Palatin Technologies in a research report on Thursday, June 1st. Zacks Investment Research downgraded Palatin Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, July 29th.

Shares of Palatin Technologies (PTN) traded down 5.4106% during trading on Wednesday, reaching $0.3951. The company’s stock had a trading volume of 483,590 shares. Palatin Technologies has a 1-year low of $0.29 and a 1-year high of $0.90. The company’s market capitalization is $60.37 million. The stock has a 50 day moving average of $0.42 and a 200-day moving average of $0.39.

Palatin Technologies (NYSE:PTN) last posted its earnings results on Thursday, May 18th. The biopharmaceutical company reported ($0.02) EPS for the quarter, missing the Zacks’ consensus estimate of $0.10 by $0.12. The business had revenue of $10.82 million during the quarter, compared to the consensus estimate of $60 million. During the same quarter in the prior year, the company earned ($0.01) EPS. On average, analysts expect that Palatin Technologies will post ($0.14) earnings per share for the current year.

An institutional investor recently raised its position in Palatin Technologies stock. National Asset Management Inc. raised its position in shares of Palatin Technologies, Inc. (NYSE:PTN) by 46.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 315,000 shares of the biopharmaceutical company’s stock after buying an additional 100,000 shares during the period. National Asset Management Inc. owned about 0.23% of Palatin Technologies worth $104,000 as of its most recent SEC filing.

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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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