Short Interest in Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) Drops By 19.0%

Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) saw a significant drop in short interest in the month of August. As of August 31st, there was short interest totalling 654,400 shares, a drop of 19.0% from the July 31st total of 808,200 shares. Currently, 4.3% of the company’s shares are short sold. Based on an average daily trading volume, of 273,300 shares, the days-to-cover ratio is currently 2.4 days.

Shares of TTNP traded down $0.04 during midday trading on Friday, hitting $0.36. The stock had a trading volume of 467,470 shares, compared to its average volume of 337,253. Titan Pharmaceuticals has a fifty-two week low of $0.35 and a fifty-two week high of $3.78. The business has a 50-day simple moving average of $0.66 and a two-hundred day simple moving average of $1.32. The firm has a market cap of $6.66 million, a P/E ratio of -0.46 and a beta of 1.25. The company has a current ratio of 1.27, a quick ratio of 0.96 and a debt-to-equity ratio of 1.18.

Titan Pharmaceuticals (NASDAQ:TTNP) last announced its earnings results on Wednesday, August 14th. The specialty pharmaceutical company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.21). Titan Pharmaceuticals had a negative return on equity of 412.65% and a negative net margin of 352.17%. The firm had revenue of $0.50 million during the quarter, compared to analyst estimates of $1.30 million. On average, analysts expect that Titan Pharmaceuticals will post -1.04 earnings per share for the current fiscal year.

Several hedge funds have recently bought and sold shares of the stock. A.R.T. Advisors LLC boosted its holdings in shares of Titan Pharmaceuticals by 164.7% during the second quarter. A.R.T. Advisors LLC now owns 69,645 shares of the specialty pharmaceutical company’s stock worth $89,000 after purchasing an additional 43,333 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Titan Pharmaceuticals by 23.0% during the second quarter. Vanguard Group Inc. now owns 582,180 shares of the specialty pharmaceutical company’s stock worth $746,000 after purchasing an additional 109,016 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Titan Pharmaceuticals by 256.0% during the fourth quarter. Geode Capital Management LLC now owns 341,474 shares of the specialty pharmaceutical company’s stock worth $76,000 after purchasing an additional 245,565 shares during the period. Institutional investors and hedge funds own 5.40% of the company’s stock.

Several research analysts have commented on TTNP shares. Maxim Group cut shares of Titan Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday, August 15th. ValuEngine upgraded shares of Titan Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday, August 1st.

About Titan Pharmaceuticals

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.

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