Palatin Technologies, Inc. (NYSEAMERICAN:PTN) was the recipient of a large decrease in short interest during the month of February. As of February 15th, there was short interest totalling 5,230,314 shares, a decrease of 14.2% from the January 31st total of 6,092,813 shares. Based on an average daily volume of 1,163,210 shares, the days-to-cover ratio is currently 4.5 days. Currently, 2.9% of the shares of the company are short sold.
A number of hedge funds have recently added to or reduced their stakes in PTN. Bank of New York Mellon Corp raised its position in Palatin Technologies by 500.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 151,473 shares of the biopharmaceutical company’s stock valued at $101,000 after purchasing an additional 126,236 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in Palatin Technologies in the 3rd quarter valued at $149,000. Acadian Asset Management LLC raised its position in Palatin Technologies by 272.5% in the 4th quarter. Acadian Asset Management LLC now owns 1,249,283 shares of the biopharmaceutical company’s stock valued at $1,075,000 after purchasing an additional 913,862 shares during the last quarter. Wells Fargo & Company MN raised its position in Palatin Technologies by 79,946.5% in the 4th quarter. Wells Fargo & Company MN now owns 160,093 shares of the biopharmaceutical company’s stock valued at $137,000 after purchasing an additional 159,893 shares during the last quarter. Finally, Virtu Financial LLC raised its position in Palatin Technologies by 87.0% during the 4th quarter. Virtu Financial LLC now owns 632,045 shares of the biopharmaceutical company’s stock worth $543,000 after buying an additional 294,098 shares during the last quarter.
Shares of Palatin Technologies (NYSEAMERICAN:PTN) opened at $0.93 on Thursday. Palatin Technologies has a 12-month low of $0.29 and a 12-month high of $1.05. The company has a market cap of $180.79, a price-to-earnings ratio of 7.92 and a beta of 1.82.
Several analysts recently commented on the stock. Canaccord Genuity set a $6.00 price target on shares of Palatin Technologies and gave the company a “buy” rating in a research report on Monday, November 13th. Zacks Investment Research downgraded shares of Palatin Technologies from a “buy” rating to a “strong sell” rating in a research report on Wednesday, November 1st.
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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