Palatin Technologies, Inc. (NYSE:PTN) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totalling 8,349,908 shares, a drop of 6.7% from the August 15th total of 8,945,568 shares. Currently, 5.8% of the shares of the stock are sold short. Based on an average daily volume of 664,635 shares, the short-interest ratio is presently 12.6 days.

Palatin Technologies (NYSE:PTN) opened at 0.60 on Wednesday. The stock’s market capitalization is $91.68 million. Palatin Technologies has a 12-month low of $0.29 and a 12-month high of $0.90. The firm’s 50-day moving average is $0.43 and its 200 day moving average is $0.39.

PTN has been the topic of several recent analyst reports. Zacks Investment Research downgraded shares of Palatin Technologies from a “hold” rating to a “sell” rating in a report on Saturday, July 29th. Canaccord Genuity set a $6.00 price objective on shares of Palatin Technologies and gave the company a “buy” rating in a report on Sunday.

A hedge fund recently raised its stake in Palatin Technologies stock. Sabby Management LLC lifted its stake in shares of Palatin Technologies, Inc. (NYSE:PTN) by 21.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,025,729 shares of the biopharmaceutical company’s stock after purchasing an additional 353,156 shares during the quarter. Sabby Management LLC owned about 1.47% of Palatin Technologies worth $663,000 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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