Palatin Technologies, Inc. (PTN) Short Interest Update
Palatin Technologies, Inc. (NYSEAMERICAN:PTN) was the target of a large increase in short interest in the month of January. As of January 12th, there was short interest totalling 6,521,998 shares, an increase of 29.6% from the December 29th total of 5,030,680 shares. Currently, 3.6% of the shares of the stock are sold short. Based on an average daily volume of 1,556,328 shares, the days-to-cover ratio is currently 4.2 days.
Institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp lifted its holdings in Palatin Technologies by 500.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 151,473 shares of the biopharmaceutical company’s stock valued at $101,000 after purchasing an additional 126,236 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in Palatin Technologies in the 3rd quarter valued at about $149,000. Finally, Acadian Asset Management LLC lifted its holdings in Palatin Technologies by 272.5% in the 4th quarter. Acadian Asset Management LLC now owns 1,249,283 shares of the biopharmaceutical company’s stock valued at $1,075,000 after purchasing an additional 913,862 shares in the last quarter.
Shares of Palatin Technologies (PTN) opened at $0.92 on Monday. Palatin Technologies has a 1 year low of $0.29 and a 1 year high of $1.05. The company has a market cap of $169.52, a PE ratio of 18.30 and a beta of 1.66.
Several equities research analysts recently commented on the stock. Zacks Investment Research upgraded shares of Palatin Technologies from a “hold” rating to a “buy” rating and set a $0.75 price objective on the stock in a research report on Thursday, October 5th. 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 Monday, November 13th. Finally, Roth Capital set a $2.00 price objective on shares of Palatin Technologies and gave the stock a “buy” rating in a research report on Sunday, October 29th.
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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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