Quick Win by the Algorithm: PTN Up Due to Development of New Drug

Quick Win by the Algorithm

On November 25, 2016, the I Know First algorithm had predicted a bullish forecast for Palatin Technologies, Inc. (PTN).  PTN had a signal of 14.54 and a predictability of 0.14. In accordance with the algorithm, the company reported long-position capital gains of 41.38% experiencing a quick win by the algorithm.

quick win by the algorithm

Palatin Technologies, Inc. (PTN), a biopharmaceutical company, develops targeted, receptor-specific peptide therapeutics for the treatment of various diseases in the United States.

PTN stock is up 41.28% in only 3 days. It currently stands at $0.82 but the target price is ranges from $6.00-$7.00. Out of the three analysts currently following PTN, 2 rate the stock at a “buy” and one at a “strong buy,” with no analysts at a “hold” or “sell” rating. One of the largest insider owners, Dr. Spana of Palatin Technologies currently owns 2,011,079 shares, which is valued at $1,347,422.93 as well as Stephen T. Wills, another insider, who owns 1,842,041 worth about $1,234,167.47. Last quarter, PTN had a ($0.08) EPS which was equal to the EPS of the previous quarter. Their revenue for both quarters equaled $0. PTN’s EPS is projected to range from ($0.08) to ($0.03), which is a definite improvement.

At the beginning of the month, there were rumors of a possible buyout of PTN due to their development of a female sexual enhancement drug called Bremelanotide. PTN recently hired Greenhill & Co. in order to explore the possibility of selling.

This bullish forecast on PTN was sent to current I Know First subscribers on November 25, 2016. 

Before making any trading decisions, consult the latest forecast as the algorithm constantly updates predictions daily. While the algorithm can be used for intra-day trading the predictability tends to become stronger with forecasts over longer time-horizons such as the 1-month, 3-month and 1-year forecasts.

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