Palatin Technologies, Inc. (NYSEAMERICAN:PTN) was the target of a significant growth in short interest in February. As of February 28th, there was short interest totalling 5,249,893 shares, a growth of 0.4% from the February 15th total of 5,230,314 shares. Currently, 8.0% of the company’s stock are sold short. Based on an average daily trading volume, of 991,366 shares, the days-to-cover ratio is presently 5.3 days.
Institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its holdings in Palatin Technologies by 500.2% during the third quarter. Bank of New York Mellon Corp now owns 151,473 shares of the biopharmaceutical company’s stock worth $101,000 after buying an additional 126,236 shares in the last quarter. Wells Fargo & Company MN grew its stake 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 period. Russell Investments Group Ltd. bought a new position in Palatin Technologies in the 3rd quarter valued at $149,000. Arrowstreet Capital Limited Partnership bought a new position in Palatin Technologies in the 4th quarter valued at $149,000. Finally, Millennium Management LLC grew its stake in Palatin Technologies by 1,031.6% in the 4th quarter. Millennium Management LLC now owns 272,717 shares of the biopharmaceutical company’s stock valued at $234,000 after purchasing an additional 248,617 shares during the period.
Shares of Palatin Technologies (PTN) opened at $0.94 on Monday. Palatin Technologies has a 1-year low of $0.29 and a 1-year high of $1.05. The stock has a market capitalization of $177.66, a price-to-earnings ratio of 7.82 and a beta of 1.83.
Separately, Canaccord Genuity set a $6.00 price target on Palatin Technologies and gave the stock a “buy” rating in a report on Monday, November 13th.
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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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