Shares of micro-cap biopharma Palatin Technologies ( NYSE: PTN ) fell as much as 10.5% to $7.1 in Thursday afternoon trading, despite the company reporting a narrower Q4 loss and a big jump in revenue.
It is worth noting that PTN stock has been on a downward trend since notching a four-session win streak that included a more than 18% gain on Sept. 16. Assuming today's losses hold, PTN is on track to post a three-day negative streak.
PTN earlier in the day announced Q4 GAAP EPS of -$1.34 (vs. -$1.47 last year) that missed estimates by $0.53 . Its revenue gained more than four times Y/Y to $0.77M and beat expectations by $0.55M .
The jump in revenue came from a 91% Y/Y increase in quarterly gross product sales for PTN's Vyleesi injection, which is used for the treatment of low libido in premenopausal women. Prescriptions dispensed for the drug rose 49% Q/Q.
PTN's cash and cash equivalents fell to $29.9M as of Q4 end, compared to $37.7M as of March 31 and $60.1M as of Q4 end last year.
The company also said that topline data from its phase 3 study of its dry eye disease treatment was expected in Q2 2023.
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Palatin Technologies stock slips despite posting narrower Q4 loss and rise in revenue