Palatin Technologies, Inc. (NYSEAMERICAN:PTN) Short Interest Update

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) was the target of a significant growth in short interest in March. As of March 31st, there was short interest totalling 2,340,000 shares, a growth of 53.9% from the March 15th total of 1,520,000 shares. Based on an average daily volume of 970,100 shares, the days-to-cover ratio is currently 2.4 days. Approximately 9.3% of the shares of the stock are sold short.

Analysts Set New Price Targets

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

Palatin Technologies Stock Down 10.6 %

PTN traded down $0.03 during trading on Thursday, reaching $0.22. The company had a trading volume of 12,998,085 shares, compared to its average volume of 750,706. The stock has a market cap of $5.72 million, a P/E ratio of -0.14 and a beta of 0.87. Palatin Technologies has a 52 week low of $0.16 and a 52 week high of $2.48. The business has a 50 day simple moving average of $0.73 and a 200-day simple moving average of $1.01.

Hedge Funds Weigh In On Palatin Technologies

Several hedge funds have recently bought and sold shares of the business. HB Wealth Management LLC increased its position in Palatin Technologies by 86.3% during the 4th quarter. HB Wealth Management LLC now owns 110,500 shares of the biopharmaceutical company’s stock valued at $127,000 after purchasing 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 worth $26,000 after purchasing an additional 14,432 shares during the last quarter. Virtu Financial LLC bought a new stake in Palatin Technologies during the third quarter valued at about $51,000. Squarepoint Ops LLC bought a new stake in shares of Palatin Technologies in the 4th quarter valued at about $34,000. Finally, Two Sigma Securities LLC bought a new position in shares of Palatin Technologies during the 4th quarter worth approximately $40,000. Institutional investors 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.