Palatin Technologies (NYSEAMERICAN:PTN) Trading Down 9.6% – Here’s Why

Palatin Technologies (NYSEAMERICAN:PTN) fell 9.6% during trading on Monday . The company traded as low as $10.05 and last traded at $10.34. 36,903 shares changed hands during trading, an increase of 81% from the average daily volume of 20,444 shares. The stock had previously closed at $11.44.

Palatin Technologies Stock Down 4.3%

The stock’s fifty day moving average is $15.52 and its two-hundred day moving average is $17.76.

Palatin Technologies (NYSEAMERICAN:PTN) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.24) by $0.87. The company had revenue of $3.92 million for the quarter, compared to analysts’ expectations of $1.28 million.

Institutional Investors Weigh In On Palatin Technologies

Hedge funds have recently modified their holdings of the stock. Bleichroeder LP bought a new position in Palatin Technologies during the fourth quarter valued at $120,000. Jane Street Group LLC purchased a new stake in Palatin Technologies in the fourth quarter worth $166,000. Millennium Management LLC bought a new stake in shares of Palatin Technologies in the fourth quarter valued at $206,000. Geode Capital Management LLC bought a new stake in shares of Palatin Technologies in the fourth quarter valued at $272,000. Finally, Superstring Capital Management LP purchased a new position in shares of Palatin Technologies during the 4th quarter valued at $522,000. Institutional investors own 11.50% of the company’s stock.

About Palatin Technologies

Palatin Technologies, Inc (NYSE American: PTN) is a clinical-stage biopharmaceutical company focused on the development of receptor-targeted peptide therapeutics. The company concentrates on designing and advancing peptide- and small-molecule programs that selectively target specific receptor systems with the goal of treating endocrine, inflammatory and cardiovascular-related disorders. Palatin’s approach emphasizes receptor specificity to improve therapeutic profiles and reduce off-target effects commonly seen with less selective agents.

Palatin’s activities center on preclinical and clinical development, regulatory interaction and the pursuit of strategic partnerships or licensing arrangements to support late-stage development and commercialization.