Palatin Technologies, Inc. (NYSEAMERICAN:PTN) was the target of a significant drop in short interest in the month of December. As of December 15th, there was short interest totalling 4,923,874 shares, a drop of 2.3% from the November 30th total of 5,038,244 shares. Approximately 2.7% of the shares of the company are sold short. Based on an average trading volume of 1,574,307 shares, the short-interest ratio is currently 3.1 days.

Palatin Technologies (NYSEAMERICAN:PTN) opened at $0.86 on Friday. Palatin Technologies has a 52-week low of $0.29 and a 52-week high of $1.05. The firm has a market cap of $163.46, a P/E ratio of 17.18 and a beta of 1.67.

Palatin Technologies (NYSEAMERICAN:PTN) last announced its quarterly earnings data on Monday, November 13th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.01). The firm had revenue of $26.94 million during the quarter, compared to analysts’ expectations of $28.00 million. Palatin Technologies had a return on equity of 10,489.06% and a net margin of 39.36%. During the same period last year, the company earned ($0.08) earnings per share.

A hedge fund recently raised its stake in Palatin Technologies stock. Bank of New York Mellon Corp lifted its position in Palatin Technologies, Inc. (NYSEAMERICAN:PTN) by 500.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 151,473 shares of the biopharmaceutical company’s stock after purchasing an additional 126,236 shares during the period. Bank of New York Mellon Corp owned about 0.08% of Palatin Technologies worth $101,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

PTN has been the topic of several recent research reports. Canaccord Genuity set a $6.00 price target on shares of Palatin Technologies and gave the stock a “buy” rating in a research report on Sunday, September 10th. Zacks Investment Research upgraded shares of Palatin Technologies from a “hold” rating to a “buy” rating and set a $0.75 price target on the stock in a research report on Thursday, October 5th. Finally, Roth Capital set a $2.00 price target on shares of Palatin Technologies and gave the stock a “buy” rating in a research report on Sunday, October 29th.

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About Palatin Technologies

Palatin Technologies, Inc is a biopharmaceutical company. The Company is engaged in developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Its programs are based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems.

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