Palatin Technologies, Inc. (NYSE:PTN)’s share price gapped up prior to trading on Friday . The stock had previously closed at $0.81, but opened at $0.85. Palatin Technologies shares last traded at $0.85, with a volume of 2,231,716 shares changing hands.

A number of brokerages recently issued reports on PTN. Zacks Investment Research lowered shares of Palatin Technologies from a “buy” rating to a “hold” rating in a research report on Saturday. Canaccord Genuity set a $6.00 target price on shares of Palatin Technologies and gave the company a “buy” rating in a research report on Sunday, September 10th.

The firm’s market capitalization is $153.26 million. The firm’s 50-day moving average is $0.57 and its 200-day moving average is $0.44.

Palatin Technologies (NYSE:PTN) last announced its quarterly earnings data on Monday, September 25th. The biopharmaceutical company reported $0.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.09. The firm had revenue of $33.90 million for the quarter, compared to the consensus estimate of $18.54 million. During the same period in the prior year, the firm posted ($0.08) earnings per share. Equities research analysts expect that Palatin Technologies, Inc. will post ($0.35) earnings per share for the current year.

A hedge fund recently raised its stake in Palatin Technologies stock. Sabby Management LLC raised its stake in shares of Palatin Technologies, Inc. (NYSE:PTN) by 21.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,025,729 shares of the biopharmaceutical company’s stock after buying an additional 353,156 shares during the quarter. Sabby Management LLC owned about 1.47% of Palatin Technologies worth $663,000 at the end of the most recent reporting period.

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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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