Palatin Technologies (NYSEAMERICAN:PTN) Shares Up 5.8%

Palatin Technologies, Inc. (NYSEAMERICAN:PTN)’s stock price shot up 5.8% during trading on Friday . The stock traded as high as $0.93 and last traded at $0.93, 1,444,252 shares traded hands during mid-day trading. A decline of 34% from the average session volume of 2,181,771 shares. The stock had previously closed at $0.88.

Several research firms recently commented on PTN. HC Wainwright set a $8.00 price target on Palatin Technologies and gave the stock a “buy” rating in a research note on Monday, June 24th. LADENBURG THALM/SH SH set a $3.00 price target on Palatin Technologies and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Finally, Zacks Investment Research upgraded Palatin Technologies from a “hold” rating to a “buy” rating and set a $1.25 price target on the stock in a research note on Wednesday, July 3rd.

In related news, insider Carl Spana bought 50,000 shares of the stock in a transaction dated Friday, August 2nd. The stock was bought at an average cost of $0.86 per share, with a total value of $43,000.00. Following the completion of the acquisition, the insider now owns 5,953,852 shares of the company’s stock, valued at $5,120,312.72. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have bought 73,380 shares of company stock valued at $63,043 over the last ninety days.



A number of hedge funds have recently modified their holdings of PTN. BlackRock Inc. grew its holdings in Palatin Technologies by 18.6% in the 2nd quarter. BlackRock Inc. now owns 14,271,664 shares of the biopharmaceutical company’s stock worth $16,553,000 after buying an additional 2,233,176 shares in the last quarter. Vanguard Group Inc. lifted its position in Palatin Technologies by 3.7% in the second quarter. Vanguard Group Inc. now owns 9,318,477 shares of the biopharmaceutical company’s stock worth $10,809,000 after purchasing an additional 329,223 shares during the period. Acadian Asset Management LLC lifted its position in Palatin Technologies by 10.1% in the first quarter. Acadian Asset Management LLC now owns 2,639,999 shares of the biopharmaceutical company’s stock worth $2,587,000 after purchasing an additional 243,184 shares during the period. A.R.T. Advisors LLC acquired a new stake in Palatin Technologies in the second quarter worth approximately $223,000. Finally, Bank of New York Mellon Corp lifted its position in Palatin Technologies by 30.5% in the fourth quarter. Bank of New York Mellon Corp now owns 700,936 shares of the biopharmaceutical company’s stock worth $496,000 after purchasing an additional 163,633 shares during the period.

Palatin Technologies Company Profile (NYSEAMERICAN:PTN)

Palatin Technologies, Inc, a biopharmaceutical company, develops targeted, receptor-specific therapeutics for the treatment of various diseases in the United States. The company's principal product is Vyleesi, an on demand subcutaneous injectable product that has completed Phase III clinical studies for the treatment of premenopausal women with acquired, generalized hypoactive sexual desire disorder.

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