Palatin Technologies (NYSEAMERICAN:PTN) Stock Price Passes Above 200-Day Moving Average – Here’s Why

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) shares crossed 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 $1.18. Palatin Technologies shares last traded at $1.08, with a volume of 241,697 shares changing hands.

Analyst Upgrades and Downgrades

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

Palatin Technologies Price Performance

The company has a market cap of $21.11 million, a P/E ratio of -0.54 and a beta of 0.90.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PTN. XTX Topco Ltd raised its holdings in Palatin Technologies by 98.6% during the 3rd quarter. XTX Topco Ltd now owns 29,063 shares of the biopharmaceutical company’s stock valued at $26,000 after acquiring an additional 14,432 shares during the period. Virtu Financial LLC purchased a new position in shares of Palatin Technologies in the third quarter valued at $51,000. HB Wealth Management LLC raised its stake in shares of Palatin Technologies by 86.3% during 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 during the period. Finally, Armistice Capital LLC purchased a new stake in Palatin Technologies during the 2nd quarter worth about $3,272,000. 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.