The stock of Palatin Technologies, Inc. (NYSE:PTN) is now priced at $0.52 and the shares are -0.03 points down or -5.88% lower compared to its previous closing price of $0.55. The stock had 1.8 million contracts set over the past session. PTN shares’ daily volume is compared to its average trading volume at 2.595 million shares. However, it has a float of 219 million and although its performance was -8.33% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the PTN share price recently placing at $0.51 to $0.55. However, some brokerage firms have priced the stock below the average, including one that has called $1.5.
The shorts are running away from the Palatin Technologies, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the PTN shares have declined. Short interest in the stock represents just 4.8% of its float, but the volume has dropped by 0.
In the last trading session, Palatin Technologies, Inc. (NYSE:PTN) dropped by -$0.0473 over the week and lost -$0.0523 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $1.133. The stock recorded its established 52-week high on 09/16/19.
Since 03/19/20, the stock has traded to a low of $0.355 at 46.54%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.47. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Palatin Technologies, Inc.’s two-week RSI is 40.51. This suggests that the stock is neutral at the moment and that PTN shares’ price movement remains stable. The stochastic readings are equally revealing at 24.03% meaning the PTN share price is currently in overbought territory.
The technical chart shows that the PTN stock will likely settle at between $0.5417 and $0.5632 per share. However, if the stock dips below $0.5068, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.4934.
Currently, the stock is trading in the red of MACD, with a reading of -0.0201. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Canaccord Genuity though raised target price of PTN stock from $4 to $6 but maintained Buy recommendation in their June 05 review. ROTH Capital analysts see the stock as a Buy, but they also dropped the share’s target price from $6 to $4 in a flash note released to investors on January 12. Noble Financial analysts see the stock as Buy when the analysts initiated the share price coverage on May 23.
The average rating for the PTN equity is 1.33 and is currently gathering a bullish momentum. Of 3 analysts tracking Palatin Technologies, Inc. polled by Reuters, 0 rated PTN as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.