Palatin Technologies (NYSEAMERICAN:PTN) Stock Price Crosses Above 200-Day Moving Average – What’s Next?

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) shares crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $0.00 and traded as high as $1.05. Palatin Technologies shares last traded at $1.02, with a volume of 394,983 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright dropped their price target on Palatin Technologies from $17.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th.

Palatin Technologies Trading Up 1.0 %

The firm has a market capitalization of $19.94 million, a price-to-earnings ratio of -0.66 and a beta of 0.87.

Institutional Investors Weigh In On Palatin Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PTN. HB Wealth Management LLC raised its stake in shares of Palatin Technologies by 86.3% in the fourth quarter. HB Wealth Management LLC now owns 110,500 shares of the biopharmaceutical company’s stock valued at $127,000 after acquiring an additional 51,200 shares during the period. Virtu Financial LLC bought a new position in Palatin Technologies during the 3rd quarter valued at about $51,000. Two Sigma Securities LLC purchased a new stake in Palatin Technologies in the 4th quarter worth about $40,000. Squarepoint Ops LLC bought a new stake in Palatin Technologies in the fourth quarter worth about $34,000. Finally, XTX Topco Ltd lifted its stake in Palatin Technologies by 98.6% in the third quarter. XTX Topco Ltd now owns 29,063 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 14,432 shares during the last quarter. 11.50% of the stock is currently owned by hedge funds and other institutional investors.

Palatin Technologies Company Profile

Palatin Technologies, Inc, a 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 (MCr) agonist for the treatment of premenopausal women with hypoactive sexual desire disorder.