Palatin Technologies, Inc. (PTN) stock is bullish in the premarket: Here’s Why

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Shares of the PTN stock were rising in the premarket trading session today on November 24, 2021. PTN stock price saw a push of 53.74% to reach $0.53 a share at the time of this writing. The stock was gloomy in the previous trade and went down by 2.71% at closing. Let’s dig in to understand the reason behind this bull.

What’s Happening?

There seems to be no latest news or announcement by the Palatin today to support the rising per-share price. No analysts’ upgrades or increased targeted per share price of the PTN stock has been reported so far. The sentiment regarding PTN stock in social media platforms is positive that is pushing the stock up in the premarket. For your intuition, let’s discuss some recent events of this stock.

PTN Stock: First Quarter Fiscal Year 2022 Results:

  • According to the first quarter fiscal year 2022 results, PTN stock generated $1.4 million in Vyleesi product sales. The net product revenue was $159,482 in the reported quarter.
  • PTN stock spent $7.4 million in total operating expenses as compared to $3.7 million in the same prior-year period. Vyleesi Termination Agreement with AMAG Pharmaceuticals and high Vyleesi commercial expenses resulted in this increase.
  • Palatin stock used $6.4 million net cash in operations in the recently reported quarter. This compares to $3.8 million net cash provided by operations in the same tenure of the previous year.
  • The company suffered a net loss of $7.1 million or $0.03 per basic and diluted common share for the reported quarter. In the same quarter of last year, the company suffered $3.9 million or $0.02 per basic and diluted common share net loss.
  • By the end of the first quarter of the fiscal year 2022, PTN stock had $53.4 million in cash and cash equivalents.

Previous Development of PTN stock:

On October 22, 2021, Palatin stock did announce that its diabetic retinopathy poster was awarded a Top 10 Posters designation in the 2021 annual meeting of the American Society of Retina Specialists. The poster presentation regarding retinal inflammation demonstrated the positive effects of melanocortin agonists. The drug development team of PTN stock is striving hard to produce consistent positive results in the fight against inflammatory conditions of the eye, kidney, gut, and other indications.

Wrap Up:

PTN stock is making gains in the premarket, but it would be interesting to see how long it will persist as the stock market is highly unpredictable. Investors having long-term prospects need to do deep research before making any decision.

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