Bearish Chart Formation for Palatin Technologies, Inc. After Forming Bearish Wedge Down

The stock of Palatin Technologies, Inc. (PTN) formed a down wedge with $0.36 target or 13.00% below today’s $0.41 share price. The 5 months wedge indicates high risk for the $27.23 million company. If the $0.36 price target is reached, the company will be worth $3.54 million less. Falling wedges are poor performers for bullish breakouts and are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 11% and 15%. The average rise is 32% and the decline is 15%. The falling wedges has high throwback and pullback rate: 56%, 69% and the percent of wedges meeting target is not very high. The stock decreased 2.29% or $0.01 on March 18, hitting $0.41. About 168,042 shares traded hands. Palatin Technologies, Inc. (NYSEMKT:PTN) has declined 56.84% since August 13, 2015 and is downtrending. It has underperformed by 55.22% the S&P500.

Analysts await Palatin Technologies, Inc. (NYSEMKT:PTN) to reports earnings on May, 11. They expect $-0.09 EPS, down 28.57% or $0.02 from last year’s $-0.07 per share. After $-0.08 actual EPS reported by Palatin Technologies, Inc. for the previous quarter, Wall Street now forecasts 12.50% negative EPS growth.

According to Zacks Investment Research, “Palatin Technologies, Inc is a development-stage medical technology company involved in developing and commercializing products and technologies for diagnostic imaging, cancer therapy and ethical drug development These developments are based on its proprietary monoclonal antibody radiolabeling and enabling peptide platform technologies.”

The institutional sentiment decreased to 1.2 in 2015 Q3. Its down 3.30, from 4.5 in 2015Q2. The ratio turned negative, as 4 funds sold all Palatin Technologies, Inc. shares owned while 6 reduced positions. 4 funds bought stakes while 8 increased positions. They now own 16.31 million shares or 46.36% less from 30.41 million shares in 2015Q2.

Sphera Funds Management Ltd. holds 0.35% of its portfolio in Palatin Technologies, Inc. for 3.36 million shares. Qvt Financial Lp owns 4.98 million shares or 0.1% of their US portfolio. Moreover, Broadfin Capital Llc has 0.06% invested in the company for 1.37 million shares. The New York-based Deerfield Management Co has invested 0.06% in the stock. Highlander Capital Management Llc, a New Jersey-based fund reported 67,500 shares.

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