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

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $0.00 and traded as high as $1.05. Palatin Technologies shares last traded at $1.02, with a volume of 394,983 shares.

Analysts Set New Price Targets

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

Palatin Technologies Stock Down 2.0 %

The stock has a market cap of $26.01 million, a price-to-earnings ratio of -0.65 and a beta of 0.87.

Institutional Investors Weigh In On Palatin Technologies

Institutional investors have recently added to or reduced their stakes in the business. HB Wealth Management LLC increased its holdings in shares of Palatin Technologies by 86.3% in the fourth quarter. HB Wealth Management LLC now owns 110,500 shares of the biopharmaceutical company’s stock valued at $127,000 after purchasing an additional 51,200 shares during the period. XTX Topco Ltd increased its holdings in shares of Palatin Technologies by 98.6% in the third 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 period. Virtu Financial LLC acquired a new position in shares of Palatin Technologies in the third quarter valued at approximately $51,000. Squarepoint Ops LLC acquired a new position in shares of Palatin Technologies in the fourth quarter valued at approximately $34,000. Finally, Two Sigma Securities LLC acquired a new position in shares of Palatin Technologies in the fourth quarter valued at approximately $40,000. 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.