Palatin Technologies (PTN) has risen sharply, recording gains of 2.8% in the past 4 weeks. However, the stock has corrected -1.79% in the past 1 week, providing a good buying opportunity on dips. On a relative basis, the stock has outperformed the S&P 500 by 1.75% in the past 4 weeks, but has underperformed the S&P 500 in the past 1 week.
The stock has recorded a 20-day Moving Average of 9.34% and the 50-Day Moving Average is 2.15%. Palatin Technologies (NYSEMKT:PTN): On Fridays trading session , Opening price of the stock was $0.58 with an intraday high of $0.58. The bears continued to sell at higher levels and eventually sold the stock down to an intraday low of $0.55. However, the stock managed to close at $0.55, a loss of 1.82% for the day. On the previous day, the stock had closed at $0.5602. The total traded volume of the day was 1,279,173 shares.
The company Insiders own 6.1% of Palatin Technologies shares according to the proxy statements. Institutional Investors own 18.3% of Palatin Technologies shares.
Palatin Technologies, Inc. is a biopharmaceutical company that develops targeted, receptor-specific peptide therapeutics for the treatment of diseases. The Companys programs are based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems. Its primary product in clinical development is Bremelanotide, which is used for the treatment of female sexual dysfunction (FSD). In addition, the Company has drug candidates or development programs for obesity, erectile dysfunction, cardiovascular diseases, pulmonary diseases, inflammatory diseases and dermatologic diseases. Its other drug development programs include Melanocortin receptor-4 (MC4r); PL-3994, and Melanocortin receptor-1 (MC1r). It is developing other Melanocortin drug discovery programs in the melanocortin field, primarily developing peptide compounds, including MC1r agonists, and peptides specific for MC4r, including both agonists and antagonists.