Palatin Technologies (NYSEAMERICAN:PTN) Shares Pass Above 200-Day Moving Average – Here’s Why

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) 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 $1.04. Palatin Technologies shares last traded at $0.95, with a volume of 201,186 shares trading hands.

Analyst Ratings Changes

Separately, HC Wainwright reiterated a “buy” rating and set a $17.00 target price on shares of Palatin Technologies in a research report on Thursday, December 19th.

Palatin Technologies Trading Up 0.5 %

The company has a market cap of $18.67 million, a P/E ratio of -0.48 and a beta of 0.90.

Institutional Investors Weigh In On Palatin Technologies

A number of large investors have recently bought and sold shares of the stock. HB Wealth Management LLC lifted its holdings in Palatin Technologies by 86.3% in the 4th 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 in the last quarter. Virtu Financial LLC acquired a new position in shares of Palatin Technologies in the third quarter valued at approximately $51,000. XTX Topco Ltd raised its position 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 buying an additional 14,432 shares during the last quarter. Finally, Armistice Capital LLC purchased a new position in shares of Palatin Technologies during the second quarter valued at approximately $3,272,000. Institutional investors and hedge funds 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.