BlackRock Fund Advisors 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 101.21% to 0.25 million shares with purchase of 0.13 million shares. This fresh investment now brings its stake to 2.25% valued currently at $0.64 million. In addition, Dimensional Fund Advisors LP raised its holdings by 22881.0 to 22881.0 shares. And Renaissance Technologies LLC has lifted its position by 48.35% or 4388.0 shares – to 13464.0 shares.
With over 0.22 million Palatin Technologies Inc. (PTN) shares trading Monday and a closing price of $4.39 on the day, the dollar volume was approximately $0.98 million. The shares have shown a negative half year performance of -34.96% and its price on 01/23/23 lost nearly -5.39%. Currently, there are 10.35M common shares owned by the public and among those 10.13M 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 $43.00. The analysts have set the share’s price value over the next 12 months at a high of $70.00 and a low of $9.00. The average price target is 89.79% above its recent price level and an upside to the estimated low will see the stock gain 51.22% over that period. But an upside of 93.73% will see the stock hit the forecast high price target while median target price for the stock is $50.00.
Insiders at the company have transacted a total of 53 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 22 of these insider trades were purchases, accounting for 1,874,109 shares. Insider sales of the common stock occurred on 31 occasions, with total insider shares sold totaling 284,199 shares.
The top 3 mutual fund holders in Palatin Technologies Inc. are Vanguard Total Stock Market Index, iShares Core S&P Total US Stock M, and Vanguard Extended Market Index Fu. Vanguard Total Stock Market Index owns 0.25 million shares of the company’s stock, all valued at over $0.63 million. iShares Core S&P Total US Stock M bought 336.0 shares to see its total holdings expand to 0.13 million shares valued at over $0.33 million and representing 1.16% of the shares outstanding. Vanguard Extended Market Index Fu bought 171.0 shares to bring its total holdings to over 0.12 million shares at a value of $0.3 million. Vanguard Extended Market Index Fu now owns shares totaling to 1.04% of the shares outstanding.
However, the script later moved the day high at 4.9200, down -5.39%. The company’s stock has a 5-day price change of 14.92% and -4.77% over the past three months. PTN shares are trading 71.48% year to date (YTD), with the 12-month market performance down to -55.10% lower. It has a 12-month low price of $2.14 and touched a high of $13.00 over the same period. PTN has an average intraday trading volume of 63.41K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 33.92%, 20.64%, and -31.91% respectively.
Institutional ownership of Palatin Technologies Inc. (AMEX: PTN) shares accounts for 8.20% of the company’s 10.35M shares outstanding. Mutual fund holders own 5.54%, while other institutional holders and individual stakeholders account for 7.67% and 2.04% respectively.
It has a market capitalization of $42.93M and a beta (3y monthly) value of 0.86. The earnings-per-share (ttm) stands at -$3.90. Price movements for the stock have been influenced by the stock’s volatility, which stands at 13.94% over the week and 15.48% over the month.
Analysts forecast that Palatin Technologies Inc. (PTN) will achieve an EPS of -$1.19 for the current quarter, -$1.2 for the next quarter and -$3.99 for 2024. The lowest estimate earnings-per-share for the quarter is -$1.34 while analysts give the company a high EPS estimate of -$1.05. Comparatively, EPS for the current quarter was -$0.75 a year ago. Earnings per share for the fiscal year are expected to decrease by -6.90%, and 33.50% 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.