Palatin Technologies (PTN) Shares Down 5.1%

Shares of Palatin Technologies, Inc. (NYSEAMERICAN:PTN) dropped 5.1% during trading on Thursday . The company traded as low as $1.29 and last traded at $1.31. Approximately 2,159,372 shares changed hands during trading, an increase of 61% from the average daily volume of 1,344,297 shares. The stock had previously closed at $1.38.

A number of analysts recently commented on the stock. Zacks Investment Research upgraded shares of Palatin Technologies from a “hold” rating to a “buy” rating and set a $1.25 price target on the stock in a report on Wednesday, April 17th. LADENBURG THALM/SH SH restated a “buy” rating and set a $2.75 price target on shares of Palatin Technologies in a report on Sunday, May 12th. HC Wainwright set a $6.00 price target on shares of Palatin Technologies and gave the company a “buy” rating in a report on Thursday, May 23rd. Finally, TheStreet lowered shares of Palatin Technologies from a “c-” rating to a “d” rating in a report on Tuesday, February 19th.

Palatin Technologies (NYSEAMERICAN:PTN) last posted its earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.03) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by ($0.01).

Several institutional investors have recently modified their holdings of PTN. BNP Paribas Arbitrage SA acquired a new position in Palatin Technologies during the 1st quarter valued at $42,000. Virtu Financial LLC raised its stake in shares of Palatin Technologies by 47.9% in the 1st quarter. Virtu Financial LLC now owns 105,064 shares of the biopharmaceutical company’s stock valued at $103,000 after buying an additional 34,036 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Palatin Technologies in the 1st quarter valued at $115,000. Rhumbline Advisers raised its stake in shares of Palatin Technologies by 48.9% in the 4th quarter. Rhumbline Advisers now owns 250,452 shares of the biopharmaceutical company’s stock valued at $177,000 after buying an additional 82,266 shares in the last quarter. Finally, State of Wisconsin Investment Board raised its stake in shares of Palatin Technologies by 29.7% in the 1st quarter. State of Wisconsin Investment Board now owns 265,900 shares of the biopharmaceutical company’s stock valued at $261,000 after buying an additional 60,900 shares in the last quarter.

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Palatin Technologies Company Profile (NYSEAMERICAN:PTN)

Palatin Technologies, Inc, a biopharmaceutical company, develops targeted, receptor-specific therapeutics for the treatment of various diseases in the United States. The company's principal product is Vyleesi, an on demand subcutaneous injectable product that has completed Phase III clinical studies for the treatment of premenopausal women with acquired, generalized hypoactive sexual desire disorder.

Further Reading: What is the return on assets (ROA) ratio?

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