Shares of Palatin Technologies, Inc. (NYSE:PTN) rose 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 mid-day trading, an increase of 901% from the average daily volume of 960,388 shares. The stock had previously closed at $0.51.

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

The stock has a 50 day moving average of $0.42 and a 200 day moving average of $0.39. The stock’s market capitalization is $76.40 million.

A hedge fund recently raised its stake in Palatin Technologies stock. National Asset Management Inc. increased its stake in Palatin Technologies, Inc. (NYSE:PTN) by 46.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 315,000 shares of the biopharmaceutical company’s stock after purchasing an additional 100,000 shares during the period. National Asset Management Inc. owned approximately 0.23% of Palatin Technologies worth $104,000 as of its most recent filing with the Securities and Exchange Commission.

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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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