Palatin Technologies, Inc. (NYSEAMERICAN:PTN) Director Buys $12,720.00 in Stock

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) Director Robert K. Deveer, Jr. purchased 6,000 shares of the stock in a transaction on Thursday, April 11th. The stock was acquired at an average cost of $2.12 per share, for a total transaction of $12,720.00. Following the acquisition, the director now directly owns 40,845 shares in the company, valued at $86,591.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Palatin Technologies Stock Performance

Shares of NYSEAMERICAN:PTN opened at $1.92 on Friday. Palatin Technologies, Inc. has a 52 week low of $1.43 and a 52 week high of $5.65. The firm has a market capitalization of $30.99 million, a PE ratio of -0.74 and a beta of 0.93.

Palatin Technologies (NYSEAMERICAN:PTN) last issued its earnings results on Wednesday, February 14th. The biopharmaceutical company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.36). Palatin Technologies had a negative net margin of 445.12% and a negative return on equity of 583.06%. The firm had revenue of $2.03 million during the quarter, compared to analyst estimates of $2.28 million. During the same quarter in the prior year, the firm posted ($0.13) EPS. On average, sell-side analysts forecast that Palatin Technologies, Inc. will post -2.36 EPS for the current year.

Institutional Trading of Palatin Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CIBC Asset Management Inc bought a new position in shares of Palatin Technologies during the 1st quarter worth approximately $41,000. UBS Group AG grew its holdings in shares of Palatin Technologies by 115,168.0% during the third quarter. UBS Group AG now owns 28,817 shares of the biopharmaceutical company’s stock worth $44,000 after purchasing an additional 28,792 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Palatin Technologies by 388.0% during the second quarter. Renaissance Technologies LLC now owns 226,900 shares of the biopharmaceutical company’s stock worth $64,000 after purchasing an additional 180,400 shares during the last quarter. Northern Trust Corp boosted its holdings in Palatin Technologies by 52.8% in the fourth quarter. Northern Trust Corp now owns 25,097 shares of the biopharmaceutical company’s stock valued at $100,000 after acquiring an additional 8,671 shares during the last quarter. Finally, Jane Street Group LLC bought a new stake in Palatin Technologies in the first quarter valued at approximately $103,000. 11.50% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reduced their target price on shares of Palatin Technologies from $70.00 to $17.00 and set a “buy” rating on the stock in a research note on Wednesday, February 28th.

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.