Palatin Technologies, Inc. (NYSE:PTN) saw strong trading volume on Tuesday . 2,447,124 shares changed hands during mid-day trading, an increase of 25% from the previous session’s volume of 1,960,000 shares.The stock last traded at $0.78 and had previously closed at $0.74.

Several brokerages recently commented on PTN. Zacks Investment Research cut shares of Palatin Technologies from a “buy” rating to a “strong sell” rating in a research note on Wednesday, November 1st. Roth Capital set a $2.00 target price on shares of Palatin Technologies and gave the stock a “buy” rating in a research report on Sunday, October 29th. Finally, Canaccord Genuity set a $6.00 price target on shares of Palatin Technologies and gave the stock a “buy” rating in a report on Sunday, September 10th.

Palatin Technologies (NYSE:PTN) last posted its quarterly earnings results on Monday, September 25th. The biopharmaceutical company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.09. The company had revenue of $33.90 million during the quarter, compared to analyst estimates of $18.54 million. During the same period in the prior year, the company earned ($0.08) earnings per share.

An institutional investor recently raised its position in Palatin Technologies stock. Bank of New York Mellon Corp lifted its position in shares of Palatin Technologies, Inc. (NYSE:PTN) by 500.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 151,473 shares of the biopharmaceutical company’s stock after acquiring an additional 126,236 shares during the period. Bank of New York Mellon Corp owned 0.08% of Palatin Technologies worth $101,000 as of its most recent filing with the SEC.

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Palatin Technologies Company Profile

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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