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

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) shares 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 $1.40. Palatin Technologies shares last traded at $1.21, with a volume of 300,805 shares traded.

Analysts Set New Price Targets

Separately, HC Wainwright reissued a “buy” rating and issued a $17.00 price objective on shares of Palatin Technologies in a report on Thursday, December 19th.

Palatin Technologies Stock Performance

The stock has a market capitalization of $23.66 million, a PE ratio of -0.61 and a beta of 0.90.

Hedge Funds Weigh In On Palatin Technologies

A number of institutional investors have recently modified their holdings of the stock. XTX Topco Ltd lifted its stake in shares of Palatin Technologies by 98.6% in the 3rd quarter. XTX Topco Ltd now owns 29,063 shares of the biopharmaceutical company’s stock valued at $26,000 after purchasing an additional 14,432 shares during the period. Virtu Financial LLC purchased a new position in Palatin Technologies in the third quarter valued at $51,000. Finally, Armistice Capital LLC acquired a new position in shares of Palatin Technologies in the second quarter worth about $3,272,000. Hedge funds and other institutional investors 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.