Palatin Technologies (NYSEAMERICAN:PTN) Share Price Crosses Above 200-Day Moving Average – Here’s Why

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) 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.

Analyst Ratings Changes

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

Palatin Technologies Price Performance

The stock has a market capitalization of $23.46 million, a price-to-earnings ratio of -0.60 and a beta of 0.90.

Institutional Investors Weigh In On Palatin Technologies

A number of hedge funds have recently made changes to their positions in PTN. XTX Topco Ltd grew its position 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 buying an additional 14,432 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of Palatin Technologies in the 3rd quarter worth approximately $51,000. Finally, Armistice Capital LLC bought a new position in shares of Palatin Technologies in the second quarter valued at approximately $3,272,000. Institutional investors own 11.50% of the company’s stock.

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.