Palatin Technologies Inc. (PTN) shares soared 43.85% in after-hours on Friday, November 26, 2021, and closed the weekly trading at $0.80. Even in the regular trading session of Friday, PTN’s stock gained 8.40%. PTN shares have risen 26.04% over the last 12 months, and they have moved up 49.53% in the past week. Over the past three months, the stock has gained 18.64%, while over the past six months, it has gained1.47%.
Let’s have a look at its recent news and developments.
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PTN latest financial results
On November 15, 2021, Palatin Technologies, Inc., (PTN) announced results for its first fiscal quarter ended September 30, 2021.
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Q1 2022 financial highlights
- PTN reported total revenue of $159,482 in Q1 2022 compared to $288,560 in Q1 2021.
- In Q1 2022, total operating expenses were $7.4 million, compared to $3.7 million in Q1 2021.
- It suffered a net loss of $7.1 million, or $0.03per basic and diluted common share in Q1 2022 compared to a net loss of $3.9 million or $0.02 per basic and diluted common share for the same period in 2020.
- The company ended the quarter with cash and cash equivalents of $53.4 million with $0.9 million of accounts receivable, compared to cash and cash equivalents of $60.1 million with $1.6 million of accounts receivable, as of June 30, 2021.
PTN recognition at ASRS 2021
On October 22, 2021, a pre-clinical diabetic retinopathy poster of Palatin Technologies, Inc. (PTN) demonstrating the positive effects of melanocortin agonists for retinal inflammation was awarded a Top 10 Posters designation at the American Society of Retina Specialists (ASRS) 2021 Annual Meeting.
The presentation highlighted the positive pre-clinical protective effects of melanocortin 1 receptor agonists PL8331 and PL9654 in mouse models of retinopathy, and the possible utility of melanocortins in the treatment of diabetic retinopathy and choroidal neovascularization, at the ASRS 2021 Annual Meeting.
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Conclusion
Due to the new variant of the Covid-19 virus, most stocks underperformed but PTN stock was skyrocketed and it’s a bit strange because there was no recent news about the company as well, which could justify its Friday gains. Let’s see how it commence the trading on Monday?