Palatin Technologies (PTN) Trading 5.5% Higher
Palatin Technologies, Inc. (NYSEAMERICAN:PTN) traded up 5.5% during trading on Monday . The stock traded as high as $1.01 and last traded at $1.01. 819,901 shares changed hands during trading, a decline of 53% from the average session volume of 1,739,242 shares. The stock had previously closed at $0.96.
Several equities research analysts have recently commented on the company. Zacks Investment Research upgraded Palatin Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, July 18th. LADENBURG THALM/SH SH assumed coverage on Palatin Technologies in a report on Wednesday, June 27th. They set a “buy” rating and a $3.00 price objective for the company. Finally, HC Wainwright set a $5.00 price objective on Palatin Technologies and gave the company a “buy” rating in a report on Monday, June 4th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $3.35.
Several hedge funds and other institutional investors have recently modified their holdings of PTN. Wells Fargo & Company MN lifted its position in shares of Palatin Technologies by 79,946.5% during the 4th quarter. Wells Fargo & Company MN now owns 160,093 shares of the biopharmaceutical company’s stock valued at $137,000 after buying an additional 159,893 shares during the last quarter. Rhumbline Advisers bought a new stake in shares of Palatin Technologies during the 2nd quarter valued at $168,000. Citadel Advisors LLC raised its stake in shares of Palatin Technologies by 130.8% during the 1st quarter. Citadel Advisors LLC now owns 173,790 shares of the biopharmaceutical company’s stock valued at $189,000 after purchasing an additional 98,483 shares during the period. Globeflex Capital L P bought a new stake in shares of Palatin Technologies during the 2nd quarter valued at $211,000. Finally, Millennium Management LLC raised its stake in shares of Palatin Technologies by 1,031.6% during the 4th quarter. Millennium Management LLC now owns 272,717 shares of the biopharmaceutical company’s stock valued at $234,000 after purchasing an additional 248,617 shares during the period.
Palatin Technologies, Inc, a biopharmaceutical company, develops targeted, receptor-specific peptide therapeutics for the treatment of various diseases in the United States. The company's principal product is Bremelanotide, an as needed subcutaneous injectable peptide melanocortin receptor agonist, which is in the Phase III clinical studies for the treatment of premenopausal women with hypoactive sexual desire disorder (HSDD).
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