Palatin Technologies Inc. (PTN) – Don’t Be So Quick to Call it Dead

89 institutions hold shares in Palatin Technologies Inc. (PTN), with 8.76M shares held by insiders accounting for 3.81% while institutional investors hold 15.81% of the company’s shares. The shares outstanding are 236.41M, and float is at 221.15M with Short Float at 3.62%. Institutions hold 15.21% of the Float.

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The top institutional shareholder in the company is Vanguard Group, Inc. (The) with over 9.47 million shares valued at $4.48 million. The investor’s holdings represent 4.12% of the PTN Shares outstanding. As of Sep 29, 2020, the second largest holder is Acadian Asset Management with 7.11 million shares valued at $3.36 million to account for 3.09% of the shares outstanding. The other top investors are Blackrock Inc. which holds 3.73 million shares representing 1.62% and valued at over $2.52 million, while Arrowstreet Capital, Limited Partnership holds 1.10% of the shares totaling 2.52 million with a market value of $1.19 million.

Palatin Technologies Inc. (AMEX: PTN) is 35.59% higher on its value in year-to-date trading and has touched a low of $0.35 and a high of $1.30 in the current 52-week trading range. The question becomes, what are the chances the stock will continue to grow shareholders’ wealth in the market. Here’s what analysts think will happen to its price in the coming time. The PTN stock was last observed hovering at around $0.91 in the last trading session, with the day’s gains setting it 0.01% off its average median price target of $2.00 for the next 12 months. It is also 69.33% off the consensus price target high of $3.00 offered by 3 analysts, but current levels are 54.0% higher than the price target low of $2.00 for the same period.

Currently trading at $0.92, the stock is -10.09% and 16.87% above its SMA20 and SMA50 respectively. However, with a daily trading volume of 5.6 million and changing 1.04% at the moment leaves the stock 60.26% off its SMA200. PTN registered 48.77% gain for a year compared to 6-month gain of 54.00%. The firm has a 50-day simple moving average (SMA 50) of $0.9224 and a 200-day simple moving average (SMA200) of $0.5913.

The stock witnessed a -9.28% loss in the last 1 month and extending the period to 3 months gives it a 126.81%, and is -21.68% down over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 10.51% over the week and 11.17% over the month.

Palatin Technologies Inc. (PTN) has around 20 employees, a market worth around $208.67M and $-0.45M in sales. Distance from 52-week low is 158.11% and -29.52% from its 52-week high. The company has generated returns on investments over the last 12 months (-29.40%).

Palatin Technologies Inc. (PTN) Analyst Forecasts

Analyst recommendations provided by FactSet shows that the consensus forecast for Palatin Technologies Inc. (PTN) is a “Buy”. 3 analysts offering their recommendations for the stock have an average rating of 1.30, where 0 rate it as a Hold and 0 think it is a “Overweight”. 3 of the analysts rate the stock as a “Buy”. 0 analysts have rated the stock as a Sell or Underperform.

Palatin Technologies Inc. is expected to release its quarterly report on 05/18/2021 and quarterly earnings per share for the current quarter are estimated at -$0.03 with sales reaching $1.07M over the same period.The EPS is expected to shrink by -158.00% this year, but quarterly earnings will post 1,510.20% year-over-year.

Palatin Technologies Inc. (PTN) Insider Activity

A total of 6 insider transactions have happened at Palatin Technologies Inc. (PTN) in the last six months, with sales accounting for 5 and purchases happening 1 times. The most recent transaction is an insider purchase by DEVEER ROBERT K JR, the company’s Director. SEC filings show that DEVEER ROBERT K JR bought 54,000 shares of the company’s common stock on Nov 18 at a price of $0.41 per share for a total of $22140.0. Following the purchase, the insider now owns 0.73 million shares.

Palatin Technologies Inc. disclosed in a document filed with the SEC on Sep 29 that DEVEER ROBERT K JR (Director) sold a total of 54,000 shares of the company’s common stock. The trade occurred on Sep 29 and was made at $0.46 per share for $24980.0. Following the transaction, the insider now directly holds 0.64 million shares of the PTN stock.

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Palatin Technologies Inc. (PTN): Who are the competitors?

The company’s main competitors (and peers) include AstraZeneca PLC (AZN) that is trading 3.37% up over the past 12 months. Ligand Pharmaceuticals Incorporated (LGND) is 40.97% up on the 1-year trading charts. Short interest in the company’s stock has risen 4.61% from the last report on Dec 30, 2020 to stand at a total of 7.65 million short shares sold with a short interest ratio of 1.01.

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