Palatin Technologies, Inc. (NYSEAMERICAN:PTN) was the recipient of a significant increase in short interest during the month of May. As of May 15th, there was short interest totalling 13,588,252 shares, an increase of 4.5% from the April 30th total of 13,008,196 shares. Based on an average daily volume of 1,677,900 shares, the short-interest ratio is currently 8.1 days. Approximately 7.2% of the company’s stock are sold short.
A number of analysts have weighed in on the company. HC Wainwright set a $5.00 price target on Palatin Technologies and gave the stock a “buy” rating in a research report on Tuesday, May 15th. TheStreet raised Palatin Technologies from a “d” rating to a “c-” rating in a research report on Thursday, March 29th. One equities research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $3.44.
Shares of NYSEAMERICAN:PTN opened at $1.16 on Friday. Palatin Technologies has a fifty-two week low of $0.34 and a fifty-two week high of $1.59.
Several large investors have recently made changes to their positions in PTN. Renaissance Technologies LLC acquired a new stake in shares of Palatin Technologies in the fourth quarter worth about $1,456,000. Deutsche Bank AG lifted its position in shares of Palatin Technologies by 2,680,243.1% in the fourth quarter. Deutsche Bank AG now owns 1,366,975 shares of the biopharmaceutical company’s stock worth $1,174,000 after buying an additional 1,366,924 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of Palatin Technologies by 272.5% in the fourth quarter. Acadian Asset Management LLC now owns 1,249,283 shares of the biopharmaceutical company’s stock worth $1,075,000 after buying an additional 913,862 shares during the last quarter. Macquarie Group Ltd. lifted its position in shares of Palatin Technologies by 552.3% in the fourth quarter. Macquarie Group Ltd. now owns 473,306 shares of the biopharmaceutical company’s stock worth $407,000 after buying an additional 400,750 shares during the last quarter. Finally, Tibra Equities Europe Ltd acquired a new stake in shares of Palatin Technologies in the first quarter worth about $422,000.
About Palatin Technologies
Palatin Technologies, Inc, a biopharmaceutical company, develops targeted, receptor-specific peptide therapeutics for the treatment of various diseases in the United States. The company's principal product is Bremelanotide, an as needed subcutaneous injectable peptide melanocortin receptor agonist, which is in the Phase III clinical studies for the treatment of premenopausal women with hypoactive sexual desire disorder (HSDD).
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