Palatin Technologies, Inc. (NYSEAMERICAN:PTN) Short Interest Update

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) was the target of a significant increase in short interest in the month of February. As of February 28th, there was short interest totalling 1,490,000 shares, an increase of 16.4% from the February 13th total of 1,280,000 shares. Based on an average daily volume of 869,400 shares, the days-to-cover ratio is presently 1.7 days. Currently, 6.0% of the company’s stock are short sold.

Palatin Technologies Stock Performance

Shares of PTN traded up $0.01 during midday trading on Wednesday, reaching $0.80. 196,659 shares of the stock were exchanged, compared to its average volume of 427,912. The firm has a market cap of $20.88 million, a P/E ratio of -0.52 and a beta of 0.87. Palatin Technologies has a 12-month low of $0.68 and a 12-month high of $2.88. The business has a 50 day simple moving average of $0.99.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PTN. XTX Topco Ltd lifted its stake in shares of Palatin Technologies by 98.6% in the 3rd quarter. XTX Topco Ltd now owns 29,063 shares of the biopharmaceutical company’s stock valued at $26,000 after purchasing an additional 14,432 shares during the last quarter. Squarepoint Ops LLC bought a new position in Palatin Technologies during the fourth quarter valued at about $34,000. Two Sigma Securities LLC bought a new position in Palatin Technologies during the fourth quarter valued at about $40,000. Virtu Financial LLC acquired a new stake in shares of Palatin Technologies in the third quarter worth about $51,000. Finally, HB Wealth Management LLC boosted its stake in shares of Palatin Technologies by 86.3% during the 4th quarter. HB Wealth Management LLC now owns 110,500 shares of the biopharmaceutical company’s stock worth $127,000 after acquiring an additional 51,200 shares in the last quarter. Institutional investors and hedge funds own 11.50% of the company’s stock.

Analyst Ratings Changes

Separately, HC Wainwright dropped their price target on shares of Palatin Technologies from $17.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th.

Palatin Technologies Company Profile

Palatin Technologies, Inc, a biopharmaceutical company, develops targeted receptor-specific therapeutics for the treatment of various diseases in the United States. The company's lead product is Vyleesi, a melanocortin receptor (MCr) agonist for the treatment of premenopausal women with hypoactive sexual desire disorder.