In the last trading session, 5,600,601 shares of the Palatin Technologies, Inc.(NYSE:PTN) were traded, and its beta was 1.52. Most recently the company’s share price was $0.92, and it changed around $0.01 or 0.01% from the last close, which brings the market valuation of the company to $210.78 Million. PTN currently trades at a discount to its 52-week high of $1.3, offering almost -41.3% off that amount. The share price’s 52-week low was $0.36, which indicates that the current value has risen by an impressive 60.87% since then. We note from Palatin Technologies, Inc.’s average daily trading volume that its 10-day average is 11.45 Million shares, with the 3-month average coming to 7.5 Million.
Palatin Technologies, Inc. stock received a consensus recommendation rating of Buy, based on a mean score of 1.3. If we narrow it down even further, the data shows that none out of 3 analysts rate the stock as a Sell; another but none rate it as Overweight. Among the rest, no body recommended PTN as a Hold, whereas 3 deemed it a Buy, and no one rated it as Underweight. Palatin Technologies, Inc. is expected to report earnings per share of -$0.03 for the current quarter.
Palatin Technologies, Inc. (NYSE:PTN): Trading Information
Instantly PTN has showed a green trend with a performance of 1.04% at the end of last trading. The performance over the last five days has remained in the red territory. The rise to weekly highs of $1.17 on Tuesday, Feb 16 increased the stock’s daily price by 21.68%. The company’s shares are currently up 0.36% year-to-date, but still down -0.2168 over the last five days. On the other hand, Palatin Technologies, Inc. (NYSE:PTN) is 0.02% up in the 30-day period. We can see from the shorts that 8.02 Million shares have been sold at a short interest cover period of 1.07 day(s).
The consensus price target as assigned by Wall Street analysts is $2.33, which translates to bears needing to increase their stock price by 153.26% from its current value. Analyst projections state that PTN is forecast to be at a low of $2 and a high of $3. In order for the stock price to hit the forecast high, the stock would need to surge +226.09% from its current level, while the stock would need to crash 117.39% from its current level to reach the projected low.
Palatin Technologies, Inc. (PTN) projections and forecasts
Palatin Technologies, Inc. share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen +54 percent over the past six months and at a 40% annual growth rate that is well above the industry average of 14%. However, despite this, analysts have decided to cut back on their fiscal year 2021 revenue estimates. The rating firms predict that it will lose -50% in revenue this quarter, and will report a decline of -33.3% in the next quarter. The year-over-year growth rate is expected to be 1510.2%, up from the previous year.
Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 8.1%. Palatin Technologies, Inc. earnings are expected to decrease by -158% in 2021, but the outlook is negative 0% per year for the next five years.
Palatin Technologies, Inc. (NYSE:PTN)’s Biggest Investors
Upon looking at major shareholders, it appears that insiders hold 3.81% of Palatin Technologies, Inc. shares, and 15.21% of them are in the hands of institutional investors. The stock currently has a share float of 15.81%. Palatin Technologies, Inc. stock is held by 89 institutions, with Vanguard Group, Inc. (The) being the largest institutional investor. By Sep 29, 2020, it held 4.12% of the shares, which is about 9.47 Million shares worth $4.48 Million.
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Acadian Asset Management, with 3.09% or 7.11 Million shares worth $3.36 Million as of Sep 29, 2020, holds the second largest percentage of outstanding shares.