Palatin Technologies (NYSEAMERICAN:PTN) Stock Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Palatin Technologies, Inc. (NYSEAMERICAN:PTN)’s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.00 and traded as high as $0.94. Palatin Technologies shares last traded at $0.91, with a volume of 451,257 shares changing hands.

Analyst Upgrades and Downgrades

Separately, HC Wainwright cut their target price on shares of Palatin Technologies from $17.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, February 13th.

Palatin Technologies Trading Up 0.9 %

The company has a market cap of $23.74 million, a PE ratio of -0.59 and a beta of 0.87.

Hedge Funds Weigh In On Palatin Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. HB Wealth Management LLC lifted its holdings in Palatin Technologies by 86.3% in the fourth quarter. HB Wealth Management LLC now owns 110,500 shares of the biopharmaceutical company’s stock valued at $127,000 after buying an additional 51,200 shares during the period. XTX Topco Ltd lifted its stake in shares of Palatin Technologies by 98.6% during the 3rd quarter. XTX Topco Ltd now owns 29,063 shares of the biopharmaceutical company’s stock valued at $26,000 after buying an additional 14,432 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Palatin Technologies in the third quarter worth $51,000. Squarepoint Ops LLC purchased a new stake in Palatin Technologies in the fourth quarter valued at approximately $34,000. Finally, Two Sigma Securities LLC purchased a new stake in Palatin Technologies in the fourth quarter valued at approximately $40,000. Institutional investors and hedge funds own 11.50% of the company’s stock.

Palatin Technologies Company Profile

Palatin Technologies, Inc, a biopharmaceutical company, develops targeted receptor-specific therapeutics for the treatment of various diseases in the United States. The company's lead product is Vyleesi, a melanocortin receptor (MCr) agonist for the treatment of premenopausal women with hypoactive sexual desire disorder.