Palatin Technologies, Inc. (NYSEAMERICAN:PTN) Short Interest Up 16.4% in February

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) was the target of a significant growth in short interest in February. As of February 28th, there was short interest totalling 1,490,000 shares, a growth of 16.4% from the February 13th total of 1,280,000 shares. Based on an average daily volume of 869,400 shares, the days-to-cover ratio is presently 1.7 days. Currently, 6.0% of the company’s stock are sold short.

Institutional Trading of Palatin Technologies

Hedge funds have recently made changes to their positions in the stock. XTX Topco Ltd raised its position in Palatin Technologies by 98.6% during the third 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 in the last quarter. Squarepoint Ops LLC acquired a new position in Palatin Technologies during the fourth quarter valued at approximately $34,000. Two Sigma Securities LLC acquired a new stake in shares of Palatin Technologies in the fourth quarter worth $40,000. Virtu Financial LLC acquired a new stake in shares of Palatin Technologies in the third quarter worth $51,000. Finally, HB Wealth Management LLC grew its stake in shares of Palatin Technologies by 86.3% in the fourth quarter. HB Wealth Management LLC now owns 110,500 shares of the biopharmaceutical company’s stock worth $127,000 after acquiring an additional 51,200 shares during the last quarter. 11.50% of the stock is owned by hedge funds and other institutional investors.

Palatin Technologies Stock Down 5.0 %

NYSEAMERICAN PTN opened at $0.76 on Friday. The stock has a 50 day moving average of $0.97. The stock has a market capitalization of $19.83 million, a price-to-earnings ratio of -0.49 and a beta of 0.87. Palatin Technologies has a 52-week low of $0.68 and a 52-week high of $2.88.

Wall Street Analyst Weigh In

Separately, HC Wainwright reduced their price target on shares of Palatin Technologies from $17.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, February 13th.

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.