Palatin Technologies Inc. [AMEX: PTN] traded at a high on Monday, posting a 14.77 gain after which it closed the day’ session at $2.02. The company report on April 8, 2024 at 7:30 AM that Palatin Announces Phase 3 PL9643 MELODY-1 Dry Eye Disease (DED) Clinical Data Results Presented at American Society of Cataract and Refractive Surgery (ASCRS) 2024.
Positive Phase 3 Study Results Included in Dr. Eric Donnenfeld’s Presentation.
Co-Primary Symptom Endpoint of Pain Met Statistical Significance (P<0.025) and 7 of 11 Secondary Symptom Endpoints Met Statistical Significance (P<0.05), 12-Week Treatment Period. The results of the trading session contributed to over 12655875 shares changing hands. Over the past one week, the price volatility of Palatin Technologies Inc. stands at 17.30% while the volatility over the past one month is 11.07%. The market cap for PTN stock reached $32.60 million, with 16.14 million shares outstanding and 15.45 million shares in the current float. Compared to the average trading volume of 508.91K shares, PTN reached a trading volume of 12655875 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about Palatin Technologies Inc. [PTN]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PTN shares is $9.33 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PTN stock is a recommendation set at 1.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Canaccord Genuity have made an estimate for Palatin Technologies Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on June 05, 2015. While these analysts kept the previous recommendation, ROTH Capital dropped their target price from $6 to $4. The new note on the price target was released on January 12, 2015, representing the official price target for Palatin Technologies Inc. stock.
The Average True Range (ATR) for Palatin Technologies Inc. is set at 0.28, with the Price to Sales ratio for PTN stock in the period of the last 12 months amounting to 4.59.
How has PTN stock performed recently?
Palatin Technologies Inc. [PTN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 14.77. With this latest performance, PTN shares gained by 6.88% in over the last four-week period, additionally plugging by 11.60% over the last 6 months – not to mention a drop of -24.91% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PTN stock in for the last two-week period is set at 51.62, with the RSI for the last a single of trading hit 62.97, and the three-weeks RSI is set at 47.57 for Palatin Technologies Inc. [PTN]. The present Moving Average for the last 50 days of trading for this stock 2.7000, while it was recorded at 1.7900 for the last single week of trading, and 2.3800 for the last 200 days.
Palatin Technologies Inc. [PTN]: Deeper insight into the fundamentals
Palatin Technologies Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.09 and a Current Ratio set at 1.09.
Earnings analysis for Palatin Technologies Inc. [PTN]
With the latest financial reports released by the company, Palatin Technologies Inc. posted -0.63/share EPS, while the average EPS was predicted by analysts to be reported at -0.39/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -61.50%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PTN.
Insider trade positions for Palatin Technologies Inc. [PTN]
The top three institutional holders of PTN stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in PTN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in PTN stock with ownership which is approximately 5.8386%.
