Palatin Technologies Inc. (AMEX: PTN) stock fell -0.51% on Monday to $1.95 against a previous-day closing price of $1.96. With 0.1 million shares changed hands, the volume of the stock remained lighter than its average volume of 0.11 million shares. During the session, the Biotechnology company that operates in wider Healthcare sector, reached to the highest price of $2.0300 whereas the lowest price it dropped to was $1.8670. The 52-week range on PTN shows that it touched its highest point at $5.00 and its lowest point at $1.43 during that stretch. It currently has a 1-year price target of $60.00. Beta for the stock currently stands at 0.91.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of PTN was down-trending over the past week, with a drop of -2.99%, but this was down by -18.75% over a month. Three-month performance dropped to -14.47% while six-month performance fell -21.05%. The stock lost -55.07% in the past year, while it has lost -23.83% so far this year. A look at the trailing 12-month EPS for PTN yields -2.15 with Next year EPS estimates of -0.31. For the next quarter, that number is -0.41. This implies an EPS growth rate of 46.44% for this year and 77.12% for next year.
Float and Shares Shorts:
At present, 14.31 million PTN shares are outstanding with a float of 13.71 million shares on hand for trading. On Oct 30, 2023, short shares totaled 0.75 million, which was 5.64% higher than short shares on Sep 28, 2023. In addition to Dr. Carl Spana Ph.D. as the firm’s Co-Founder, President, CEO & Director, Mr. Stephen T. Wills CPA, MST serves as its CFO, COO, Executive VP, Treasurer & Secretary.
Institutional Ownership:
Through their ownership of 19.71% of PTN’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 7.55% of PTN, in contrast to 3.81% held by mutual funds. Shares owned by individuals account for 2.15%. As the largest shareholder in PTN with 2.86% of the stake, The Vanguard Group, Inc. holds 379,571 shares worth 379,571. A second-largest stockholder of PTN, BlackRock Fund Advisors, holds 119,518 shares, controlling over 0.90% of the firm’s shares. Geode Capital Management LLC is the third largest shareholder in PTN, holding 79,594 shares or 0.60% stake. With a 1.86% stake in PTN, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 246,703 shares are owned by the mutual fund manager. The Vanguard Extended Market Index Fu, which owns about 0.87% of PTN stock, is the second-largest Mutual Fund holder. It holds 115,668 shares valued at 0.24 million. Fidelity Extended Market Index Fu holds 0.41% of the stake in PTN, owning 53,759 shares worth 0.11 million.
Analysts Ratings:
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for PTN since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With PTN analysts setting a high price target of $70.00 and a low target of $50.00, the average target price over the next 12 months is $60.00. Based on these targets, PTN could surge 3489.74% to reach the target high and rise by 2464.1% to reach the target low. Reaching the average price target will result in a growth of 2976.92% from current levels.
Summary of Insider Activity:
Insiders traded PTN stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 22 while that of sell transactions has risen to 33 over the past year. The total number of shares bought during that period was 231,971 while 288,134 shares were sold.
