On 21 Jan 2020, Palatin Technologies, Inc. (NYSE: PTN) spotted trading -60.39% off 52-week high price. On the other end, the stock has been noted 7.62% away from the low price over the last 52-weeks. The stock changed -0.72% to recent value of $0.7. The stock transacted 1096566 shares during most recent day however it has an average volume of 1063.63K shares. The company has 224.11M of outstanding shares and 222.9M shares were floated in the market.
Palatin Technologies, Inc. (PTN) recently reported results for its first quarter ended September 30, 2019.
First Quarter Fiscal 2020 Financial Results
Palatin stated a net loss of $(4.5)M, or $(0.02) per basic and diluted share, for the quarter ended September 30, 2019, contrast to a net loss of $(5.7)M, or $(0.03) per basic and diluted share, for the same period in 2018.
The difference in financial results between the three months ended September 30, 2019 and 2018 was Because of reductions in operating and interest expenses combined with increases in stated license and contract revenue and investment income.
For the quarter ended September 30, 2019, Palatin recognized as revenue $97,379 in reimbursement of shared Vyleesi costs contrast to $34,505 for the quarter ended September 30, 2018.
Total operating expenses for the quarter ended September 30, 2019 were $5.0M contrast to $5.7M for the comparable quarter of 2018. The decrease in operating expenses was mainly attributable to decreases in salaries and other employee related expenses.
Total other income, net was $361,603 for the quarter ended September 30, 2019 contrast to total other expense, net of $(53,288) for the quarter ended September 30, 2018. The difference is primarily related to a raise in investment income and secondarily to a decrease in interest expense.
Palatin’s cash, cash equivalents, and accounts receivable total $96.8M as of September 30, 2019, contrast to cash, cash equivalents and accounts receivable of $103.8M at June 30, 2019. Current liabilities were $1.9M as of September 30, 2019, contrast to $4.2M as of June 30, 2019.
Palatin Drug Discovery and Development Programs
During the conference call and webcast, management will update and discuss next steps in Palatin’s portfolio of drug development programs. These include Palatin’s melanocortin receptor agonist peptides for treatment of inflammatory indications and natriuretic peptide receptor agonist compounds for treatment of cardiovascular and fibrotic diseases.
According to the most recent quarter its current ratio was 52.6 that represents company’s ability to meet its current financial obligations. The price moved ahead of -6.96% from the mean of 20 days, -9.62% from mean of 50 days SMA and performed -28.49% from mean of 200 days price. Company’s performance for the week was -1.58%, -5.91% for month and YTD performance remained -9.87%.