Palatin Technologies (NYSEAMERICAN:PTN) Stock Price Crosses Above 200-Day Moving Average – Time to Sell?

Palatin Technologies, Inc. (NYSEAMERICAN:PTN)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $0.00 and traded as high as $0.95. Palatin Technologies shares last traded at $0.86, with a volume of 499,860 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reiterated a “buy” rating and issued a $17.00 price objective on shares of Palatin Technologies in a report on Monday, November 25th.

Palatin Technologies Stock Performance

The company has a market capitalization of $16.73 million, a price-to-earnings ratio of -0.43 and a beta of 0.90.

Palatin Technologies (NYSEAMERICAN:PTN) last issued its quarterly earnings data on Tuesday, October 1st. The biopharmaceutical company reported ($0.51) earnings per share for the quarter. As a group, equities analysts predict that Palatin Technologies, Inc. will post -1.66 EPS for the current fiscal year.

Hedge Funds Weigh In On Palatin Technologies

Large investors have recently bought and sold shares of the business. Virtu Financial LLC acquired a new stake in shares of Palatin Technologies during the third quarter worth $51,000. XTX Topco Ltd grew its position in shares of 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 period. Finally, Armistice Capital LLC bought a new position in shares of Palatin Technologies in the 2nd quarter valued at about $3,272,000. 11.50% of the stock is currently owned by institutional investors and hedge funds.

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.