Palatin Technologies (NYSEAMERICAN:PTN) Stock Price Passes Above 200-Day Moving Average – Should You Sell?

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $0.00 and traded as high as $0.77. Palatin Technologies shares last traded at $0.72, with a volume of 895,703 shares traded.

Analyst Ratings Changes

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

Palatin Technologies Stock Down 7.6 %

The stock has a market cap of $18.77 million, a P/E ratio of -0.47 and a beta of 0.87. The business’s fifty day moving average price is $0.93.

Hedge Funds Weigh In On Palatin Technologies

A number of large investors have recently bought and sold shares of PTN. HB Wealth Management LLC grew its stake in 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 purchasing an additional 51,200 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of Palatin Technologies during the third quarter valued at $51,000. Two Sigma Securities LLC bought a new stake in shares of Palatin Technologies in the fourth quarter valued at about $40,000. Squarepoint Ops LLC purchased a new stake in Palatin Technologies in the fourth quarter worth about $34,000. Finally, XTX Topco Ltd lifted its stake in Palatin Technologies by 98.6% in the third 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 period. Hedge funds and other institutional investors own 11.50% of the company’s stock.

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.