Palatin Technologies, Inc. (NYSEAMERICAN:PTN) Short Interest Update

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

An institutional investor recently bought a new position in Palatin Technologies stock. Russell Investments Group Ltd. acquired a new stake in shares of Palatin Technologies, Inc. (NYSEAMERICAN:PTN) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 225,246 shares of the biopharmaceutical company’s stock, valued at approximately $149,000. Russell Investments Group Ltd. owned 0.13% of Palatin Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Several research firms recently commented on PTN. Canaccord Genuity set a $6.00 target price on shares of Palatin Technologies and gave the stock a “buy” rating in a research report on Monday, November 13th. Zacks Investment Research upgraded shares of Palatin Technologies from a “hold” rating to a “buy” rating and set a $0.75 target price on the stock in a research report on Thursday, October 5th. Finally, Roth Capital set a $2.00 price target on shares of Palatin Technologies and gave the stock a “buy” rating in a research report on Sunday, October 29th.

Shares of Palatin Technologies (NYSEAMERICAN:PTN) opened at $0.84 on Wednesday. The stock has a market cap of $163.46, a price-to-earnings ratio of 16.80 and a beta of 1.67. Palatin Technologies has a one year low of $0.29 and a one year high of $1.05.

Palatin Technologies (NYSEAMERICAN:PTN) last issued its quarterly earnings results on Monday, November 13th. The biopharmaceutical company reported $0.05 earnings per share 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 analysts’ expectations of $28.00 million. Palatin Technologies had a return on equity of 10,489.06% and a net margin of 39.36%. During the same period last year, the firm posted ($0.08) earnings per share.

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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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