I'm worried about today's action but only because I am planning to buy more shares of PTN (not to average down but more for a quick turnaround after holding a few months) next week once my check arrives and gets deposited to my broker, yes it takes a while. It seems not unreasonable to hope that the price will drop to 60 cents again next week since there isn't much real news that's happened except some analyst upgrades and seekingalpha articles such as the ridiculously misleading "intensive" insider buying one but then again PTN's price could have consolidated now at this higher level and will stay put or rise further. BUT I don't really want to buy more shares above 60 cents right now. Not without real news. Not that the current levels aren't reasonable but I want more insurance of making a profit thus the goal of buying at right around 60 cents next week.
Given your statements I would offer my opinion that you will have an opportunity to buy @ 60 cents +/- a penny or two... and you will have the opportunity to sell @70 cents +/- a penny or two. So I would not decide if I was selling or buying till the price tells me which opportunity I am looking at.
I think that even with news of a partner that you might miss a short term pop (but it will be short term) I originally bought into PTN in the early 90's and lost a fair amount of money holding. Yanni has been there all along but many others have come and gone, most had very rosey glasses.
I like PTN as a trader and I have been making money doing that for years now... I have recently stepped things up as I feel that QVC's warrent arrangement is highly questionable (paying 49 cents for a warrent when the stock was 50 cents) that said I feel that this establishes a generous trading range. I have tried in the past to start a dialog on what exactly this transaction means, but little interaction so I let it go. I do feel that many of the metrics are clouded by this warrent situation, and I have never before seen one like it (float doesn't reflect the impact of those in the money warrents)...
In any case the dilution will be back by 2014... even a partner will not stop that, but having a partner to pay for the clinical trials would certainly be a plus.
best of luck lady - I think you are improving your odds
The volume is over a 162,000 shares at three hours of trading. Next resistance level is .88. If there is news concerning the FDA or a partnership, you can expect over 600,000 shares and a price above a dollar.