Acadian Asset Management LLC recently announced the acquisition of new stake in Palatin Technologies Inc. (AMEX:PTN). The institutional investor has increased its shareholding in the Healthcare company by 16.60% to 6.33 million shares with purchase of 0.9 million shares. This fresh investment now brings its stake to 2.76% valued currently at $3.66 million. In addition, Arrowstreet Capital LP raised its holdings by 0.99 million to 1.91 million shares. And Winton Capital Management Ltd. has lifted its position by 154.10% or 1.16 million shares – to 1.91 million shares.
With over 1.8 million Palatin Technologies Inc. (PTN) shares trading Tuesday and a closing price of $0.52 on the day, the dollar volume was approximately $0.94 million. The shares have shown a negative weekly performance of -8.33% and its price on 09/01/20 lost nearly -5.88%. Currently, there are 235.32M common shares owned by the public and among those 218.79M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 3 analysts who have offered their price forecasts for PTN have a consensus price objective of $2.17. The analysts have set the share’s price value over the next 12 months at a high of $3.00 and a low of $1.50 should the stock experience a downside. Incidentally, analysts’ outlook for the Palatin Technologies Inc. stock is 1.30 for the next 12 months. But an upside of 82.67% will see the stock hit the forecast high price target while mean target price for the stock is $2.00.
Insiders at the company have transacted a total of 13 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 13 of these insider trades were purchases, accounting for 1,833,575 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in Palatin Technologies Inc. are Vanguard Total Stock Market Index, Vanguard Extended Market Index Fu, and Fidelity Small Cap Index Fund. Vanguard Total Stock Market Index owns 6.01 million shares of the company’s stock, all valued at over $3.47 million. Fidelity Small Cap Index Fund bought 0.12 million shares to bring its total holdings to over 1.31 million shares at a value of $0.75 million. Fidelity Small Cap Index Fund now owns shares totaling to 0.57% of the shares outstanding.
Shares of Palatin Technologies Inc. (AMEX: PTN) opened at $0.53, down -$0.02 from a prior closing price of $0.55. However, the script later closed the day at $0.52, down -5.88%. The company’s stock has a 5-day price change of -8.33% and -8.11% over the past three months. PTN shares are trading -33.50% year to date (YTD), with the 12-month market performance down to -41.64% lower. It has a 12-month low price of $0.35 and touched a high of $1.13 over the same period. Currently, 1.8 million shares have been traded, compared to an average intraday trading volume of 2.60 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -8.09%, -6.23%, and -11.13% respectively.
Institutional ownership of Palatin Technologies Inc. (AMEX: PTN) shares accounts for 16.50% of the company’s 235.32M shares outstanding. Mutual fund holders own 7.34%, while other institutional holders and individual stakeholders account for 9.09% and 10.34% respectively.
It has a market capitalization of $121.38M and a beta (3y monthly) value of 1.47. The stock’s trailing 12-month PE ratio is 3.61, while the earnings-per-share (ttm) stands at $0.14. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.76% over the week and 4.53% over the month.
Analysts forecast that Palatin Technologies Inc. (PTN) will achieve an EPS of -$0.02 for the current quarter, -$0.02 for the next quarter and -$0.08 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.03 while analysts give the company a high EPS estimate of -$0.02. Comparatively, EPS for the current quarter was $0.23 a year ago. Earnings per share for the fiscal year are expected to increase by 40.90%, and 11.10% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate Palatin Technologies Inc. (PTN) as a “Strong Buy” at a consensus score of 1.30. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 0 of the 3 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the PTN, a number of firms have released research notes about the stock. Canaccord Genuity stated their Buy rating for the stock in a research note on June 05, 2015, with the firm’s price target at $4-$6. ROTH Capital coverage for the Palatin Technologies Inc. (PTN) stock in a research note released on January 12, 2015 offered a Buy rating with a price target of $4. Noble Financial was of a view on May 23, 2012 that the stock is Buy, while Next Generation gave the stock Buy rating on January 23, 2007, issuing a price target of $5.