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

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) was the target of a significant drop in short interest during the month of March. As of March 29th, there was short interest totalling 15,482,227 shares, a drop of 1.7% from the March 15th total of 15,754,581 shares. Approximately 8.1% of the company’s shares are short sold. Based on an average daily volume of 583,546 shares, the days-to-cover ratio is presently 26.5 days.

Shares of Palatin Technologies stock traded up $0.03 on Friday, reaching $1.24. The company’s stock had a trading volume of 594,920 shares, compared to its average volume of 874,978. Palatin Technologies has a 52-week low of $0.59 and a 52-week high of $1.36.

Palatin Technologies (NYSEAMERICAN:PTN) last posted its quarterly earnings data on Tuesday, February 12th. The biopharmaceutical company reported ($0.02) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.02). During the same period in the previous year, the firm earned $0.01 earnings per share.

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in shares of Palatin Technologies by 19.5% during the third quarter. BlackRock Inc. now owns 12,752,945 shares of the biopharmaceutical company’s stock worth $12,722,000 after purchasing an additional 2,083,615 shares in the last quarter. Vanguard Group Inc grew its holdings in Palatin Technologies by 0.4% in the 3rd quarter. Vanguard Group Inc now owns 8,902,947 shares of the biopharmaceutical company’s stock valued at $8,880,000 after buying an additional 39,788 shares in the last quarter. Northern Trust Corp grew its holdings in Palatin Technologies by 1.0% in the 4th quarter. Northern Trust Corp now owns 2,300,865 shares of the biopharmaceutical company’s stock valued at $1,629,000 after buying an additional 23,680 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Palatin Technologies by 30.5% in the 4th quarter. Bank of New York Mellon Corp now owns 700,936 shares of the biopharmaceutical company’s stock valued at $496,000 after buying an additional 163,633 shares in the last quarter. Finally, TIAA CREF Investment Management LLC grew its holdings in Palatin Technologies by 40.6% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 422,994 shares of the biopharmaceutical company’s stock valued at $422,000 after buying an additional 122,126 shares in the last quarter.

A number of brokerages have recently weighed in on PTN. HC Wainwright restated a “buy” rating and set a $5.00 price target on shares of Palatin Technologies in a research note on Friday, January 11th. TheStreet lowered Palatin Technologies from a “c-” rating to a “d” rating in a research note on Tuesday, February 19th. Finally, Zacks Investment Research upgraded Palatin Technologies from a “hold” rating to a “buy” rating and set a $1.25 price target on the stock in a research note on Wednesday, April 17th.

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About Palatin Technologies

Palatin Technologies, Inc, a biopharmaceutical company, develops targeted, receptor-specific therapeutics for the treatment of various diseases in the United States. The company's principal product is Vyleesi, an on demand subcutaneous injectable product that has completed Phase III clinical studies for the treatment of premenopausal women with acquired, generalized hypoactive sexual desire disorder.

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