Titan Pharmaceuticals (TTNP) Trading Down 14.9%

Titan Pharmaceuticals, Inc. (NASDAQ:TTNP)’s share price was down 14.9% during trading on Thursday . The stock traded as low as $0.39 and last traded at $0.40. Approximately 9,235,595 shares were traded during trading, an increase of 239% from the average daily volume of 2,724,728 shares. The stock had previously closed at $0.47.

The stock has a market cap of $8.59 million, a P/E ratio of -0.57 and a beta of -0.13.

Titan Pharmaceuticals (NASDAQ:TTNP) last announced its quarterly earnings data on Wednesday, November 14th. The specialty pharmaceutical company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.03. The business had revenue of $1.65 million during the quarter, compared to analyst estimates of $0.10 million. Titan Pharmaceuticals had a negative return on equity of 1,659.34% and a negative net margin of 295.69%. As a group, equities analysts predict that Titan Pharmaceuticals, Inc. will post -0.42 EPS for the current year.

In related news, Chairman Marc Rubin purchased 400,000 shares of the stock in a transaction dated Friday, September 21st. The stock was purchased at an average price of $0.25 per share, with a total value of $100,000.00. Following the transaction, the chairman now directly owns 556,317 shares in the company, valued at $139,079.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sunil Bhonsle purchased 300,000 shares of the stock in a transaction dated Friday, September 21st. The stock was bought at an average cost of $0.25 per share, with a total value of $75,000.00. Following the transaction, the insider now owns 435,578 shares in the company, valued at $108,894.50. The disclosure for this purchase can be found here. Insiders have acquired 900,000 shares of company stock valued at $225,000 in the last three months. Insiders own 19.50% of the company’s stock.

A hedge fund recently bought a new stake in Titan Pharmaceuticals stock. Perkins Capital Management Inc. purchased a new position in Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 1,200,000 shares of the specialty pharmaceutical company’s stock, valued at approximately $249,000. Perkins Capital Management Inc. owned about 5.66% of Titan Pharmaceuticals at the end of the most recent reporting period. Hedge funds and other institutional investors own 12.25% of the company’s stock.

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About Titan Pharmaceuticals (NASDAQ:TTNP)

Titan Pharmaceuticals, Inc, a pharmaceutical company, develops proprietary therapeutics for the treatment of serious medical disorders. It develops products based on ProNeura, a proprietary long-term drug delivery platform that focuses primarily on treatments for chronic diseases. The company offers Probuphine, a product candidate for maintenance treatment of opioid dependence, which maintains a stable, around the clock blood level of the drug buprenorphine in patients for six months following a single treatment.

Further Reading: Balanced Fund

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