Palatin Technologies (NYSEAMERICAN:PTN) Trading 1.7% Higher – Here’s Why

Palatin Technologies (NYSEAMERICAN:PTN – Get Free Report) traded up 1.7% during trading on Tuesday . The company traded as high as $8.77 and last traded at $8.62. Approximately 6,101 shares were traded during trading, a decline of 71% from the average daily volume of 20,820 shares. The stock had previously closed at $8.48.

Palatin Technologies Trading Up 1.0%

The company’s fifty day moving average price is $12.16 and its two-hundred day moving average price is $16.73.

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Palatin Technologies (NYSEAMERICAN:PTN – Get Free Report) last released its earnings results on Wednesday, May 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.24) by $0.87. The company had revenue of $3.92 million during the quarter, compared to analysts’ expectations of $1.28 million.

Institutional Trading of Palatin Technologies

Several institutional investors have recently made changes to their positions in the stock. Janus Henderson Group PLC purchased a new position in shares of Palatin Technologies in the 4th quarter worth $2,195,000. Logos Global Management LP acquired a new position in Palatin Technologies in the fourth quarter valued at $2,153,000. RA Capital Management L.P. purchased a new stake in Palatin Technologies during the fourth quarter valued at about $1,077,000. Perceptive Advisors LLC purchased a new stake in Palatin Technologies during the fourth quarter valued at about $1,077,000. Finally, Superstring Capital Management LP acquired a new stake in Palatin Technologies during the fourth quarter worth about $522,000. 11.50% of the stock is owned by hedge funds and other institutional investors.

About Palatin Technologies

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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.

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