Palatin Technologies (NYSEAMERICAN:PTN) Stock Price Crosses Above 200-Day Moving Average – Here’s What Happened

Palatin Technologies, Inc. (NYSEAMERICAN:PTN)’s stock price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $0.00 and traded as high as $0.95. Palatin Technologies shares last traded at $0.86, with a volume of 499,860 shares changing hands.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reiterated a “buy” rating and issued a $17.00 target price on shares of Palatin Technologies in a report on Monday, November 25th.

Palatin Technologies Price Performance

The company has a market capitalization of $17.11 million, a price-to-earnings ratio of -0.44 and a beta of 0.90.

Palatin Technologies (NYSEAMERICAN:PTN) last released its quarterly earnings results on Tuesday, October 1st. The biopharmaceutical company reported ($0.51) earnings per share for the quarter. Sell-side analysts anticipate that Palatin Technologies, Inc. will post -1.66 EPS for the current year.

Institutional Trading of Palatin Technologies

Several large investors have recently added to or reduced their stakes in PTN. XTX Topco Ltd lifted its position in shares of Palatin Technologies by 98.6% in the third quarter. XTX Topco Ltd now owns 29,063 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 14,432 shares in the last quarter. Virtu Financial LLC purchased a new position in Palatin Technologies during the third quarter valued at approximately $51,000. Finally, Armistice Capital LLC acquired a new position in Palatin Technologies in the 2nd quarter valued at approximately $3,272,000. 11.50% of the stock is owned by institutional investors and hedge funds.

About Palatin Technologies

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.