Palatin Technologies, Inc. (NYSE:PTN) saw a large growth in short interest in December. As of December 30th, there was short interest totalling 3,788,869 shares, a growth of 29.9% from the December 15th total of 2,916,821 shares. Based on an average daily volume of 1,039,683 shares, the days-to-cover ratio is currently 3.6 days. Approximately 3.0% of the company’s stock are short sold.

A number of research firms have recently issued reports on PTN. Zacks Investment Research cut shares of Palatin Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, December 13th. Roth Capital reissued a “buy” rating and set a $7.00 price objective on shares of Palatin Technologies in a research report on Friday, November 18th. Canaccord Genuity set a $6.00 price objective on shares of Palatin Technologies and gave the stock a “buy” rating in a research report on Wednesday, November 2nd. Finally, S&P Equity Research dropped their price target on shares of Palatin Technologies from $0.61 to $0.55 in a research report on Thursday, September 22nd.

Several institutional investors have recently added to or reduced their stakes in the stock. Baker BROS. Advisors LP purchased a new position in Palatin Technologies during the third quarter worth about $1,289,000. Sphera Funds Management LTD. boosted its position in Palatin Technologies by 87.7% in the third quarter. Sphera Funds Management LTD. now owns 1,906,037 shares of the biopharmaceutical company’s stock worth $1,199,000 after buying an additional 890,663 shares during the last quarter. National Asset Management Inc. boosted its position in Palatin Technologies by 71.4% in the third quarter. National Asset Management Inc. now owns 240,000 shares of the biopharmaceutical company’s stock worth $151,000 after buying an additional 100,000 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Palatin Technologies by 1.2% in the second quarter. Vanguard Group Inc. now owns 1,578,758 shares of the biopharmaceutical company’s stock worth $696,000 after buying an additional 19,300 shares during the last quarter.

Palatin Technologies (NYSE:PTN) opened at 0.4411 on Friday. The company has a 50-day moving average of $0.56 and a 200 day moving average of $0.55. Palatin Technologies has a 12 month low of $0.36 and a 12 month high of $0.90. The company’s market cap is $47.66 million.

Palatin Technologies (NYSE:PTN) last released its quarterly earnings data on Tuesday, November 15th. The biopharmaceutical company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.08). During the same quarter in the previous year, the firm posted ($0.08) earnings per share. On average, equities analysts forecast that Palatin Technologies will post ($0.28) earnings per share for the current fiscal year.

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About Palatin Technologies

Palatin Technologies, Inc is a biopharmaceutical company. The Company is engaged in developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Its programs are based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems.

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