Palatin Technologies, Inc. (NYSEAMERICAN:PTN) shares traded down 11.7% during mid-day trading on Monday . The company traded as low as $0.68 and last traded at $0.68. 3,957,358 shares traded hands during mid-day trading, an increase of 156% from the average session volume of 1,545,205 shares. The stock had previously closed at $0.77.

A number of analysts recently weighed in on PTN shares. Zacks Investment Research downgraded Palatin Technologies from a “buy” rating to a “hold” rating in a research note on Friday, October 12th. HC Wainwright set a $5.00 price target on Palatin Technologies and gave the company a “buy” rating in a research note on Thursday, September 13th.

Palatin Technologies (NYSEAMERICAN:PTN) last posted its earnings results on Tuesday, November 13th. The biopharmaceutical company reported ($0.03) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.03). The firm had revenue of $0.04 million for the quarter, compared to analysts’ expectations of $2.40 million.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers acquired a new position in shares of Palatin Technologies in the second quarter worth $168,000. Globeflex Capital L P acquired a new position in shares of Palatin Technologies in the second quarter worth $211,000. Citadel Advisors LLC raised its holdings in shares of Palatin Technologies by 1,633.9% in the third quarter. Citadel Advisors LLC now owns 248,604 shares of the biopharmaceutical company’s stock worth $248,000 after acquiring an additional 234,266 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Palatin Technologies by 22.6% in the first quarter. Northern Trust Corp now owns 333,277 shares of the biopharmaceutical company’s stock worth $363,000 after acquiring an additional 61,351 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. acquired a new position in shares of Palatin Technologies in the second quarter worth $355,000.

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About Palatin Technologies (NYSEAMERICAN:PTN)

Palatin Technologies, Inc, a biopharmaceutical company, develops targeted, receptor-specific therapeutics for the treatment of various diseases in the United States. The company's principal product is Vyleesi, an on demand subcutaneous injectable product that has completed Phase III clinical studies for the treatment of premenopausal women with acquired, generalized hypoactive sexual desire disorder.

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