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      Palatin Technologies Inc. (PTN) stock falls under Market Corrections in the After hours - Stocks Telegraph

      By Gule Rukhsar

      Published on

      November 30, 2021

      5:58 AM UTC

      Palatin Technologies Inc. (PTN) stock falls under Market Corrections in the After hours - Stocks Telegraph

      Palatin Technologies Inc. (PTN) stock lost 6.30% in the aftermarket, at $0.8011 against its last close at $0.8550 on November 29. In the previous trading session, the stock saw a good gain of 53.34% at a volume of 164.05 million shares. The day’s volume was as much as 2,770% of the 65-day average of 5.92 million shares. Intraday trading, the stock went up to $0.96 and saw a low of $0.68, while the 52-week range for the stock is $0.33 to $1.30. The stock went up by 141.53% in the last five days alone, making its one-month gain at 107.68%. While the year-to-date gain of the PTN stock is 26.52%. Currently, the market capital of PTN stands at $129 million and 231.35 million shares outstanding. The stock seems to be in market corrections due to its big gain during the last trading session.

      Incorporated in 1986, Palatin Technologies Inc. (PTN) is a biopharmaceutical company. It develops targeted receptor-specific therapeutics for the treatment of various diseases in the U.S.

      PTN stock’s Movement

      PTN stock was moving big on stock sentiment in the previous trading session. The stock sentiment led PTN stock to reach a high of $0.96 in Monday’s trading session. Previously the stock reached such a value over nine months ago. Making it a huge achievement in the stock’s price. The huge gain of over 53% led to the stock crumbling under market pressure. Market corrections due to profit bookers led the stock to a downtrend in the after-hours on Monday. Such a gain after more than nine months brought a big opportunity for profit bookers to take advantage of the stock.

      Q1 Fiscal 2022 Finances

      On November 15, 2021, Palatin Technologies Inc. (PTN) announced its financial results for the first quarter of Fiscal year 2022. The total net revenues of the company comprise of gross product sales of Vyleesi, net allowances, and accruals. As per the Q1 Fiscal 2022, the gross product sales of Vyleesi were $1.4 million, making net product revenue of $159,482. This shows an increase of 98% in net sales over the previous quarter.

      Moreover, the net loss for the Q1 Fiscal 2022, was $7.1 million against $3.9 million a year ago. Consequently, the net loss per basic share was $0.03 for the quarter and $0.02 a year ago.

      PTN had cash and cash equivalents of $53.4 million with $0.9 million accounts receivables as of September 30, 2021.

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