Palatin Technologies (NYSEAMERICAN:PTN – Get Rating) issued its earnings results on Thursday. The biopharmaceutical company reported ($1.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.81) by ($0.53), RTT News reports. During the same quarter in the prior year, the firm posted ($1.50) earnings per share.
Palatin Technologies Trading Down 12.4 %
Shares of PTN stock opened at $6.95 on Friday. The company has a market capitalization of $64.41 million, a PE ratio of -46.33 and a beta of 0.79. Palatin Technologies has a one year low of $4.00 and a one year high of $24.00.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC increased its stake in Palatin Technologies by 388.0% during the 2nd quarter. Renaissance Technologies LLC now owns 226,900 shares of the biopharmaceutical company’s stock worth $64,000 after buying an additional 180,400 shares during the period. State Street Corp boosted its holdings in Palatin Technologies by 8.2% in the first quarter. State Street Corp now owns 757,455 shares of the biopharmaceutical company’s stock valued at $349,000 after purchasing an additional 57,440 shares during the period. Finally, Vanguard Group Inc. grew its stake in Palatin Technologies by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 9,559,564 shares of the biopharmaceutical company’s stock worth $4,398,000 after purchasing an additional 48,812 shares in the last quarter. 8.79% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
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.
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