Palatin Technologies, Inc. (NYSEAMERICAN:PTN) Sees Large Decrease in Short Interest

Palatin Technologies, Inc. (NYSEAMERICAN:PTN – Get Rating) was the recipient of a significant decrease in short interest during the month of May. As of May 31st, there was short interest totalling 2,030,000 shares, a decrease of 16.1% from the May 15th total of 2,420,000 shares. Currently, 1.0% of the shares of the company are sold short. Based on an average daily trading volume, of 831,400 shares, the short-interest ratio is currently 2.4 days.

Palatin Technologies stock traded up $0.02 during mid-day trading on Friday, hitting $0.30. The company had a trading volume of 8,894 shares, compared to its average volume of 1,047,782. Palatin Technologies has a 12-month low of $0.26 and a 12-month high of $0.96. The firm has a market cap of $68.44 million, a PE ratio of -1.94 and a beta of 0.79.

Palatin Technologies (NYSEAMERICAN:PTN – Get Rating) last announced its earnings results on Tuesday, May 17th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). The business had revenue of $0.22 million for the quarter, compared to analyst estimates of $0.58 million. During the same period in the previous year, the company earned ($0.02) earnings per share. As a group, sell-side analysts forecast that Palatin Technologies will post -0.13 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of PTN. Citadel Advisors LLC purchased a new position in shares of Palatin Technologies during the 2nd quarter worth $67,000. Millennium Management LLC boosted its holdings in Palatin Technologies by 164.2% during the 2nd quarter. Millennium Management LLC now owns 50,343 shares of the biopharmaceutical company’s stock valued at $31,000 after acquiring an additional 31,289 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Palatin Technologies by 76.2% during the 3rd quarter. Goldman Sachs Group Inc. now owns 99,759 shares of the biopharmaceutical company’s stock valued at $44,000 after acquiring an additional 43,136 shares during the period. Morgan Stanley boosted its holdings in Palatin Technologies by 25.8% during the 3rd quarter. Morgan Stanley now owns 151,558 shares of the biopharmaceutical company’s stock valued at $68,000 after acquiring an additional 31,084 shares during the period. Finally, Two Sigma Advisers LP boosted its holdings in Palatin Technologies by 85.7% during the 3rd quarter. Two Sigma Advisers LP now owns 93,600 shares of the biopharmaceutical company’s stock valued at $41,000 after acquiring an additional 43,200 shares during the period. 8.79% of the stock is owned by institutional investors and hedge funds.

Separately, HC Wainwright restated a “buy” rating and issued a $5.00 price objective on shares of Palatin Technologies in a research report on Tuesday, March 8th.

About Palatin Technologies (Get Rating)

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.

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