Titan Pharmaceuticals (NASDAQ:TTNP) Stock Price Down 5.6%

Titan Pharmaceuticals, Inc. (NASDAQ:TTNP)’s stock price fell 5.6% during mid-day trading on Wednesday . The stock traded as low as $1.33 and last traded at $1.36. 2,496,084 shares changed hands during mid-day trading, an increase of 209% from the average session volume of 807,439 shares. The stock had previously closed at $1.44.

Separately, Maxim Group began coverage on Titan Pharmaceuticals in a research note on Wednesday. They issued a “buy” rating and a $4.00 price target for the company.

The stock’s 50 day moving average price is $1.42. The stock has a market capitalization of $18.91 million, a price-to-earnings ratio of -1.72 and a beta of 0.93. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.86 and a current ratio of 2.12.

Titan Pharmaceuticals (NASDAQ:TTNP) last announced its earnings results on Wednesday, May 15th. The specialty pharmaceutical company reported ($0.34) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.26) by ($0.08). Titan Pharmaceuticals had a negative net margin of 168.23% and a negative return on equity of 311.18%. The firm had revenue of $0.95 million for the quarter. On average, equities analysts predict that Titan Pharmaceuticals, Inc. will post -0.68 earnings per share for the current year.

A hedge fund recently raised its stake in Titan Pharmaceuticals stock. Geode Capital Management LLC boosted its position in shares of Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) by 256.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 341,474 shares of the specialty pharmaceutical company’s stock after buying an additional 245,565 shares during the quarter. Geode Capital Management LLC owned 2.63% of Titan Pharmaceuticals worth $76,000 at the end of the most recent quarter. 5.06% of the stock is currently owned by institutional investors.

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.

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