Shares of Palatin Technologies, Inc. (NYSE:PTN) were up 7.4% during mid-day trading on Wednesday . The company traded as high as $0.58 and last traded at $0.55. Approximately 9,614,051 shares were traded during trading, an increase of 901% from the average daily volume of 960,388 shares. The stock had previously closed at $0.51.

A number of analysts have recently issued reports on PTN shares. Canaccord Genuity set a $6.00 price objective on shares of Palatin Technologies and gave the stock a “buy” rating in a report on Tuesday, May 16th. Zacks Investment Research downgraded shares of Palatin Technologies from a “hold” rating to a “sell” rating in a report on Saturday, July 29th.

The firm’s 50-day moving average is $0.42 and its 200 day moving average is $0.39. The stock’s market cap is $79.46 million.

An institutional investor recently raised its position in Palatin Technologies stock. Sabby Management LLC raised its position in Palatin Technologies, Inc. (NYSE:PTN) by 21.1% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 2,025,729 shares of the biopharmaceutical company’s stock after purchasing an additional 353,156 shares during the period. Sabby Management LLC owned 1.47% of Palatin Technologies worth $663,000 at the end of the most recent quarter.

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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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