Palatin Technologies (NYSEAMERICAN:PTN) Downgraded by StockNews.com

Palatin Technologies (NYSEAMERICAN:PTN) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday.

Separately, HC Wainwright reaffirmed a “buy” rating and set a $70.00 price target on shares of Palatin Technologies in a report on Monday, August 7th.

Palatin Technologies Stock Up 3.3 %

PTN stock traded up $0.06 during midday trading on Monday, reaching $1.86. The company had a trading volume of 61,753 shares, compared to its average volume of 78,213. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.05 and a quick ratio of 1.99. The stock’s 50 day moving average price is $2.48. Palatin Technologies has a fifty-two week low of $1.80 and a fifty-two week high of $8.60. The stock has a market cap of $20.74 million, a price-to-earnings ratio of -0.63 and a beta of 0.95.

Hedge Funds Weigh In On Palatin Technologies

A number of hedge funds have recently modified their holdings of PTN. Vanguard Group Inc. increased its position in Palatin Technologies by 0.5% during the first quarter. Vanguard Group Inc. now owns 9,559,564 shares of the biopharmaceutical company’s stock worth $4,398,000 after buying an additional 48,812 shares during the last quarter. Armistice Capital LLC acquired a new position in Palatin Technologies during the fourth quarter worth $2,167,000. State Street Corp increased its position in Palatin Technologies by 8.2% during the first quarter. State Street Corp now owns 757,455 shares of the biopharmaceutical company’s stock worth $349,000 after buying an additional 57,440 shares during the last quarter. Renaissance Technologies LLC increased its position in 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 buying an additional 180,400 shares during the last quarter. Finally, Millennium Management LLC bought a new stake in Palatin Technologies during the fourth quarter valued at about $118,000. 7.86% of the stock is 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.