Palatin Technologies (PTN) Trading 9.3% Higher

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) traded up 9.3% during trading on Wednesday . The company traded as high as $0.99 and last traded at $0.94. 3,163,294 shares were traded during mid-day trading, an increase of 341% from the average session volume of 718,095 shares. The stock had previously closed at $0.86.

Several equities analysts recently issued reports on the company. HC Wainwright restated a “buy” rating and set a $5.00 price target on shares of Palatin Technologies in a research report on Friday, January 11th. TheStreet lowered Palatin Technologies from a “c-” rating to a “d” rating in a research report on Tuesday, February 19th. Finally, Zacks Investment Research cut Palatin Technologies from a “buy” rating to a “hold” rating in a research note on Friday, November 2nd.

Palatin Technologies (NYSEAMERICAN:PTN) last released its quarterly earnings data on Tuesday, February 12th. The biopharmaceutical company reported ($0.02) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.02). During the same period in the previous year, the business posted $0.01 EPS.

Several hedge funds have recently added to or reduced their stakes in PTN. Northern Trust Corp raised its position in Palatin Technologies by 1.0% in the fourth quarter. Northern Trust Corp now owns 2,300,865 shares of the biopharmaceutical company’s stock valued at $1,629,000 after purchasing an additional 23,680 shares during the period. Bank of New York Mellon Corp boosted its stake in Palatin Technologies by 30.5% in the fourth quarter. Bank of New York Mellon Corp now owns 700,936 shares of the biopharmaceutical company’s stock valued at $496,000 after acquiring an additional 163,633 shares in the last quarter. Rhumbline Advisers boosted its stake in Palatin Technologies by 48.9% in the fourth quarter. Rhumbline Advisers now owns 250,452 shares of the biopharmaceutical company’s stock valued at $177,000 after acquiring an additional 82,266 shares in the last quarter. Vanguard Group Inc raised its holdings in shares of Palatin Technologies by 0.4% in the third quarter. Vanguard Group Inc now owns 8,902,947 shares of the biopharmaceutical company’s stock valued at $8,880,000 after buying an additional 39,788 shares during the last quarter. Finally, TIAA CREF Investment Management LLC raised its holdings in shares of Palatin Technologies by 40.6% in the third quarter. TIAA CREF Investment Management LLC now owns 422,994 shares of the biopharmaceutical company’s stock valued at $422,000 after buying an additional 122,126 shares during the last quarter.

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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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