Palatin Technologies, Inc. (NYSEMKT: PTN)
Palatin Technologies, based on pre-market activity, looked like it was going to have a rough day in the market today. In fact, the stock opened the day well into the red. However, since the opening bell rang, the stock has been on a mad dash upward, now trading well into the green. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to PTN ahead.
What We’re Seeing From PTN
As mentioned above, looking at the stock in the pre-market, it appeared Palatin Technologies was going to have a rough day. Nonetheless, that wasn’t the case. While the stock did open the day well into the red, it made a mad dash upward and is now trading well into the green. At the moment (10:53), PTN is trading at $0.84 per share after a gain of $0.02 per share (2.32%) thus far today.
Why The Stock Is Headed Up
As soon as we noticed that PTN was off to a strong run, the CNA Finance team started working to find the reason for the gains. In this particular case, it didn’t take long. The gains are the result of a report that originally surfaced just before the opening bell on Reuters.
According to the report, Palatin Technologies has hired Greenhill & Co. The goal of hiring the firm is to explore a possible sale. So, investors are reacting to the fact that an acquisition may be on the horizon. After all, acquisitions tend to return value to shareholders in a big way!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on PTN, especially with regard to the possible acquisition. This time, this isn’t a rumor; it’s a concept that is definitely on the table. Nonetheless, we’ll be watching the news closely, bringing you everything that breaks, when it breaks!
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[Image Courtesy of Pixabay]