Palatin Technologies, Inc. (PTN) Short Interest Up 2.2% in December

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) was the target of a large growth in short interest in December. As of December 29th, there was short interest totalling 5,030,680 shares, a growth of 2.2% from the December 15th total of 4,923,874 shares. Based on an average daily trading volume, of 893,410 shares, the days-to-cover ratio is presently 5.6 days. Approximately 2.8% of the shares of the stock are sold short.

A number of research analysts have weighed in on the company. Canaccord Genuity set a $6.00 target price on Palatin Technologies and gave the company a “buy” rating in a report on Monday, November 13th. Zacks Investment Research lowered Palatin Technologies from a “buy” rating to a “strong sell” rating in a report on Wednesday, November 1st. Finally, Roth Capital set a $2.00 target price on Palatin Technologies and gave the company a “buy” rating in a report on Sunday, October 29th.

Palatin Technologies (NYSEAMERICAN:PTN) opened at $0.90 on Friday. The firm has a market capitalization of $182.70, a PE ratio of 18.00 and a beta of 1.66. Palatin Technologies has a twelve month low of $0.29 and a twelve month high of $1.05.

Palatin Technologies (NYSEAMERICAN:PTN) last posted its 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). Palatin Technologies had a net margin of 39.36% and a return on equity of 10,489.06%. The company had revenue of $26.94 million for the quarter, compared to analysts’ expectations of $28.00 million. During the same period in the previous year, the firm earned ($0.08) EPS.

An institutional investor recently bought a new position in Palatin Technologies stock. Russell Investments Group Ltd. acquired a new position in shares of Palatin Technologies, Inc. (NYSEAMERICAN:PTN) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 225,246 shares of the biopharmaceutical company’s stock, valued at approximately $149,000. Russell Investments Group Ltd. owned approximately 0.13% of Palatin Technologies at the end of the most recent quarter.

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Palatin Technologies Company Profile

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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