Palatin Technologies (NYSEAMERICAN:PTN) Share Price Passes Above 200 Day Moving Average – What’s Next?

Palatin Technologies, Inc. (NYSEAMERICAN:PTN)’s stock price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $0.00 and traded as high as $0.77. Palatin Technologies shares last traded at $0.72, with a volume of 895,703 shares traded.

Analysts Set New Price Targets

Separately, HC Wainwright cut their price objective on Palatin Technologies from $17.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, February 13th.

Palatin Technologies Stock Down 7.6 %

The stock’s fifty day moving average price is $0.93. The firm has a market capitalization of $18.77 million, a price-to-earnings ratio of -0.47 and a beta of 0.87.

Hedge Funds Weigh In On Palatin Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. XTX Topco Ltd grew 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 worth $26,000 after buying an additional 14,432 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Palatin Technologies during the 4th quarter valued at about $34,000. Two Sigma Securities LLC bought a new position in shares of Palatin Technologies in the 4th quarter valued at about $40,000. Virtu Financial LLC bought a new stake in Palatin Technologies during the third quarter worth approximately $51,000. Finally, HB Wealth Management LLC increased its stake in Palatin Technologies by 86.3% during the fourth 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 during the last quarter. 11.50% of the stock is owned by institutional investors.

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.