Palatin Technologies, Inc. (NYSEMKT: PTN)
Palatin Technologies has had an interesting day in the market thus far. Starting high, going low, and now up nearly a third – it’s been like a rollercoaster. Nonetheless, it looks like more good news is coming out that could send the stock further up. Today, we’ll talk about what we’re seeing from the stock, why, and what we can expect to see ahead.
What We’re Seeing From PTN
As mentioned above, Palatin Technologies is having a rollercoaster day in the market today. The stock was up big early, started to fall, then climbed yet again. Now, it looks like the stock is going to continue in the upward direction. Currently (12:23), PTN is trading at $0.63 per share after a loss of $0.15 per share (30.73%) thus far today.
Why We’re Seeing Such Big Gains
With the rollercoaster ride on PTN, many are asking why we’re seeing the gains and whether they will continue. The gains are the result of information with regard to the company’s female sexual enhancement drug. Shortly following that news, rumors of an acquisition spread.
Now, the acquisition is taking center stage. Minutes ago, it was announced that Palatin Technologies hired Greenhill & Co. in order to explore a possible sale.
What We Can Expect To See Ahead
Moving forward, this is going to be an interesting stock to watch. There’s no denying that news released surrounding the stock has been positive. However, much of the gains in PTN are being caused by the possibility of an acquisition, so it’s going to be important to watch the acquisition news. Any updates in this news will likely lead to big movement in the stock.
PTN In Detail
CNA Finance Chief Strategic Analyst, Kenny Soulstring recently weighed in on PTN. To read his analysis, !
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