Shares of Palatin Technologies, Inc. (NYSEAMERICAN:PTN) fell 7.9% during mid-day trading on Tuesday . The company traded as low as $0.73 and last traded at $0.79. 7,323,185 shares changed hands during mid-day trading, a decline of 18% from the average session volume of 8,885,771 shares. The stock had previously closed at $0.86.
A number of brokerages have recently issued reports on PTN. Canaccord Genuity restated a “buy” rating and issued a $3.00 price objective on shares of Palatin Technologies in a research note on Thursday, February 18th. Zacks Investment Research cut shares of Palatin Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, February 18th. Finally, TheStreet cut shares of Palatin Technologies from a “c” rating to a “d” rating in a research note on Friday, December 4th.
The stock has a market cap of $181.50 million, a price-to-earnings ratio of -9.52 and a beta of 1.71. The company has a 50-day moving average price of $0.51.
Palatin Technologies (NYSEAMERICAN:PTN) last announced its earnings results on Wednesday, February 17th. The biopharmaceutical company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). During the same period last year, the business posted ($0.02) EPS. On average, analysts predict that Palatin Technologies, Inc. will post -0.09 EPS for the current year.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC acquired a new stake in Palatin Technologies in the 4th quarter valued at about $44,000. Castle Rock Wealth Management LLC boosted its stake in shares of Palatin Technologies by 402.6% in the 3rd quarter. Castle Rock Wealth Management LLC now owns 100,528 shares of the biopharmaceutical company’s stock valued at $42,000 after purchasing an additional 80,528 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Palatin Technologies by 22.1% in the 3rd quarter. First Trust Advisors LP now owns 533,353 shares of the biopharmaceutical company’s stock valued at $252,000 after purchasing an additional 96,653 shares during the last quarter. GWM Advisors LLC bought a new position in shares of Palatin Technologies in the 3rd quarter valued at about $47,000. Finally, James Investment Research Inc. bought a new position in shares of Palatin Technologies in the 3rd quarter valued at about $47,000. Hedge funds and other institutional investors own 11.74% of the company’s stock.
About Palatin Technologies (NYSEAMERICAN:PTN)
Palatin Technologies, Inc, a specialized biopharmaceutical company, develops targeted receptor-specific therapeutics for the treatment of various diseases in the United States. The company's lead product is Vyleesi, a melanocortin receptor agonist for the treatment of premenopausal women with acquired, generalized hypoactive sexual desire disorder.
Further Reading: What is the price-to-earnings growth (PEG) ratio?
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