Palatin Technologies, Inc. (PTN) is a leading biotherapeutics company engaged in the development of medication based on molecules that regulate melanocortin activity. The company aimed at the treatment of diseases with unmet medical needs and commercial possibilities. The company’s strategy is the development of products and the formation of marketing partnerships with leading businesses.
The price of PTN stock during regular trading on February 14, 2022, with a 1.27% decline was $0.39. At last check in the premarket on February 15, 2022, the stock rocketed by 10.3%.
PTN: Key Financials
On February 14, 2022, PTN released its financial outcomes for three months ended December 31, 2021. Some of the significant updates are mentioned below.
Total revenue in the quarter in 2021 was recorded to be $0.32 million compared to $0.16 million in the same period of 2020. The company observed an increase in revenue year over year. The company beat the analysts’ estimated revenue by $186.1 thousand.
Basic and diluted net loss per share in the quarter of 2021 was $8.68 million or $0.04 corresponding to $9.99 million or $0.04 in the same period of 2020. The company observed a decrease in net loss over the year. The company missed the analysts’ estimates by -$0.01.
PTN: Events and Happenings
On January 21, 2022, PTN informed about the poster presentation of the optimistic effect of PL8177 for the treatment of ulcerative colitis in an animal model. The results were presented at the Virtual Crohn’s and Colitis Congress held on January 21, 2022. On January 7, 2022, PTN updated its Executive management’s presentation at the Virtual H.C. Wainwright BioConnect Conference on January 10–13, 2022.
On December 28, 2021, PTN updated about the commencement of Phase 3 MELODY-1 clinical trials of PL9643 in dry eye disease patients. The trials enrolled approximately 400 patients and top-line outcomes are predictable in the second half of 2022. On November 30, 2021, PTN was informed about the issuance of Notice of Allowance for Application No. 16/927,347 by USPTO.
On October 22, 2021, PTN announced its poster presentation of diabetic retinopathy at the Annual Meeting of the American Society of Retina Specialists 2021.
PTN stock is 13% down the past six months due to recessing economic conditions in the pandemic. The current premarket stock rise is due to phenomenal financial results as the company beat the analysts’ estimates for revenue but its EPS missed the target.