Palatin Technologies (NYSEAMERICAN:PTN) Stock Price Passes Above Two Hundred Day Moving Average – Time to Sell?

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $0.00 and traded as high as $1.40. Palatin Technologies shares last traded at $1.21, with a volume of 300,805 shares changing hands.

Wall Street Analysts Forecast Growth

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

Palatin Technologies Trading Down 8.3 %

The stock has a market capitalization of $23.66 million, a price-to-earnings ratio of -0.61 and a beta of 0.90.

Hedge Funds Weigh In On Palatin Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Virtu Financial LLC purchased a new position in shares of Palatin Technologies in the third quarter worth about $51,000. XTX Topco Ltd raised its holdings in Palatin Technologies by 98.6% in 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 last quarter. Finally, Armistice Capital LLC purchased a new position in Palatin Technologies in the 2nd quarter worth approximately $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.