Palatin Technologies (NYSEAMERICAN:PTN) Stock Crosses Above 200-Day Moving Average – Here’s What Happened

Palatin Technologies, Inc. (NYSEAMERICAN:PTN)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $0.00 and traded as high as $0.83. Palatin Technologies shares last traded at $0.80, with a volume of 143,295 shares changing hands.

Analysts Set New Price Targets

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

Palatin Technologies Price Performance

The stock has a market cap of $19.83 million, a price-to-earnings ratio of -0.49 and a beta of 0.87. The company’s fifty day moving average price is $0.97.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Virtu Financial LLC bought a new stake in Palatin Technologies during the third quarter worth approximately $51,000. HB Wealth Management LLC grew its stake in Palatin Technologies by 86.3% in the 4th quarter. HB Wealth Management LLC now owns 110,500 shares of the biopharmaceutical company’s stock valued at $127,000 after buying an additional 51,200 shares during the last quarter. Two Sigma Securities LLC bought a new position in Palatin Technologies in the 4th quarter worth $40,000. Squarepoint Ops LLC bought a new position in Palatin Technologies in the 4th quarter worth $34,000. Finally, XTX Topco Ltd lifted its position in Palatin Technologies by 98.6% during the 3rd quarter. XTX Topco Ltd now owns 29,063 shares of the biopharmaceutical company’s stock worth $26,000 after acquiring an additional 14,432 shares during the last quarter. Institutional investors and hedge funds 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.