Palatin Technologies (NYSEAMERICAN:PTN) Shares Down 1.3% – Time to Sell?

Palatin Technologies (NYSEAMERICAN:PTN)’s share price was down 1.3% during mid-day trading on Friday . The stock traded as low as $14.15 and last traded at $14.15. Approximately 7,973 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 21,277 shares. The stock had previously closed at $14.34.

Palatin Technologies Trading Down 1.3%

The firm has a 50 day moving average price of $17.93.

Palatin Technologies (NYSEAMERICAN:PTN) last issued its quarterly earnings results on Wednesday, May 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.24) by $0.87. The business had revenue of $3.92 million during the quarter, compared to the consensus estimate of $1.28 million.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Bleichroeder LP bought a new position in shares of Palatin Technologies in the 4th quarter worth about $120,000. Jane Street Group LLC bought a new position in shares of Palatin Technologies in the 4th quarter worth about $166,000. Millennium Management LLC bought a new position in shares of Palatin Technologies in the 4th quarter worth about $206,000. Geode Capital Management LLC bought a new position in shares of Palatin Technologies in the 4th quarter worth about $272,000. Finally, Superstring Capital Management LP bought a new position in shares of Palatin Technologies in the 4th quarter worth about $522,000. 11.50% of the stock is currently owned by institutional investors.

About Palatin Technologies

Palatin Technologies, Inc (NYSE American: PTN) is a clinical-stage biopharmaceutical company focused on the development of receptor-targeted peptide therapeutics. The company concentrates on designing and advancing peptide- and small-molecule programs that selectively target specific receptor systems with the goal of treating endocrine, inflammatory and cardiovascular-related disorders. Palatin’s approach emphasizes receptor specificity to improve therapeutic profiles and reduce off-target effects commonly seen with less selective agents.

Palatin’s activities center on preclinical and clinical development, regulatory interaction and the pursuit of strategic partnerships or licensing arrangements to support late-stage development and commercialization.