Palatin Technologies, Inc. (NYSE:PTN) shares saw an uptick in trading volume on Tuesday . 11,238,232 shares traded hands during trading, an increase of 1,315% from the previous session’s volume of 794,342 shares.The stock last traded at $0.51 and had previously closed at $0.45.

Several brokerages recently weighed in on PTN. Zacks Investment Research downgraded Palatin Technologies from a “hold” rating to a “sell” rating in a report on Saturday, July 29th. Canaccord Genuity set a $6.00 price target on Palatin Technologies and gave the stock a “buy” rating in a report on Tuesday, May 16th.

The company’s market capitalization is $77.93 million. The firm has a 50 day moving average of $0.42 and a 200 day moving average of $0.39.

A hedge fund recently raised its stake in Palatin Technologies stock. Sabby Management LLC grew its holdings in shares of Palatin Technologies, Inc. (NYSE:PTN) by 21.1% in the first quarter, according to its most recent filing with the SEC. The firm 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 about 1.47% of Palatin Technologies worth $663,000 as of its most recent SEC filing.

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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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