Short Interest in Palatin Technologies, Inc. (NYSE:PTN) Declines By 25.4%

Palatin Technologies, Inc. (NYSE:PTN) was the recipient of a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 8,989,516 shares, a drop of 25.4% from the July 14th total of 12,042,247 shares. Based on an average trading volume of 646,700 shares, the short-interest ratio is currently 13.9 days. Approximately 6.2% of the company’s shares are sold short.

Palatin Technologies (NYSE PTN) traded up 3.4171% during mid-day trading on Friday, reaching $0.4116. 415,943 shares of the company were exchanged. The stock has a 50 day moving average of $0.42 and a 200-day moving average of $0.39. The stock’s market capitalization is $62.89 million. Palatin Technologies has a one year low of $0.29 and a one year high of $0.90.

Palatin Technologies (NYSE:PTN) last announced its quarterly earnings data on Thursday, May 18th. The biopharmaceutical company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by $0.12. The firm had revenue of $10.82 million during the quarter, compared to analyst estimates of $60 million. During the same period in the previous year, the firm earned ($0.01) EPS. On average, equities analysts expect that Palatin Technologies will post ($0.14) earnings per share for the current fiscal year.

PTN has been the subject of a number of analyst reports. Canaccord Genuity reissued a “buy” rating and set a $6.00 target price on shares of Palatin Technologies in a research note on Thursday, June 1st. Zacks Investment Research downgraded shares of Palatin Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, July 29th.

An institutional investor recently raised its position in Palatin Technologies stock. National Asset Management Inc. raised its stake in Palatin Technologies, Inc. (NYSE:PTN) by 46.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 315,000 shares of the biopharmaceutical company’s stock after buying an additional 100,000 shares during the period. National Asset Management Inc. owned 0.23% of Palatin Technologies worth $104,000 as of its most recent filing with the SEC.

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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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