Shares of Palatin Technologies, Inc. (NYSE:PTN) rose 13.2% on Wednesday . The stock traded as high as $0.82 and last traded at $0.81. Approximately 6,225,812 shares were traded during mid-day trading, an increase of 263% from the average daily volume of 1,714,480 shares. The stock had previously closed at $0.71.

PTN has been the subject of several research reports. Zacks Investment Research downgraded shares of Palatin Technologies from a “hold” rating to a “sell” rating in a report on Saturday, July 29th. Canaccord Genuity set a $6.00 target price on shares of Palatin Technologies and gave the company a “buy” rating in a report on Sunday, September 10th.

The company’s market capitalization is $152.19 million. The firm’s 50 day moving average is $0.56 and its 200-day moving average is $0.43.

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

A hedge fund recently raised its stake in Palatin Technologies stock. Sabby Management LLC boosted its stake in shares of Palatin Technologies, Inc. (NYSE:PTN) by 21.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,025,729 shares of the biopharmaceutical company’s stock after purchasing an additional 353,156 shares during the period. Sabby Management LLC owned approximately 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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