Palatin Technologies (NYSEAMERICAN:PTN) Shares Cross Above Two Hundred Day Moving Average of $0.00

Palatin Technologies, Inc. (NYSEAMERICAN:PTN)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.00 and traded as high as $1.83. Palatin Technologies shares last traded at $1.82, with a volume of 118,745 shares changing hands.

Analyst Upgrades and Downgrades

Separately, HC Wainwright dropped their target price on shares of Palatin Technologies from $70.00 to $17.00 and set a “buy” rating for the company in a report on Wednesday, February 28th.

Palatin Technologies Trading Up 5.8 %

The company has a market capitalization of $29.37 million, a P/E ratio of -0.71 and a beta of 0.93.

Palatin Technologies (NYSEAMERICAN:PTN) last posted its quarterly earnings results on Wednesday, February 14th. The biopharmaceutical company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.36). The business had revenue of $2.03 million during the quarter, compared to analyst estimates of $2.28 million. Palatin Technologies had a negative return on equity of 583.06% and a negative net margin of 445.12%. During the same quarter last year, the firm earned ($0.13) EPS. Research analysts forecast that Palatin Technologies, Inc. will post -2.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Palatin Technologies

A hedge fund recently bought a new stake in Palatin Technologies stock. Armistice Capital LLC acquired a new position in shares of Palatin Technologies, Inc. (NYSEAMERICAN:PTN) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 590,000 shares of the biopharmaceutical company’s stock, valued at approximately $2,348,000. Armistice Capital LLC owned about 4.29% of Palatin Technologies at the end of the most recent quarter. Hedge funds and other institutional investors own 11.50% of the company’s stock.

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 lead product is Vyleesi, a melanocortin receptor (MCr) agonist for the treatment of premenopausal women with hypoactive sexual desire disorder.