Palatin Technologies, Inc. (PTN) Sees Large Increase in Short Interest

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) was the target of a significant growth in short interest during the month of November. As of November 30th, there was short interest totalling 5,038,244 shares, a growth of 53.4% from the November 15th total of 3,283,577 shares. Currently, 2.8% of the shares of the company are short sold. Based on an average daily volume of 2,833,586 shares, the days-to-cover ratio is presently 1.8 days.

A hedge fund recently bought a new stake in Palatin Technologies stock. Russell Investments Group Ltd. purchased a new position in shares of Palatin Technologies, Inc. (NYSEAMERICAN:PTN) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 225,246 shares of the biopharmaceutical company’s stock, valued at approximately $149,000. Russell Investments Group Ltd. owned approximately 0.13% of Palatin Technologies as of its most recent filing with the SEC.

PTN has been the topic of several research reports. Roth Capital set a $2.00 price objective on Palatin Technologies and gave the company a “buy” rating in a research note on Sunday, October 29th. Canaccord Genuity set a $6.00 price target on Palatin Technologies and gave the stock a “buy” rating in a research note on Sunday, September 10th. Finally, Zacks Investment Research lowered Palatin Technologies from a “buy” rating to a “strong sell” rating in a research note on Wednesday, November 1st.

Shares of Palatin Technologies (NYSEAMERICAN:PTN) opened at $0.88 on Thursday. Palatin Technologies has a twelve month low of $0.29 and a twelve month high of $1.05.

Palatin Technologies (NYSEAMERICAN:PTN) last released its quarterly earnings data on Monday, November 13th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.01). The company had revenue of $26.94 million during the quarter, compared to analyst estimates of $28.00 million. During the same period in the prior year, the company earned ($0.08) EPS.

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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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