Titan Pharmaceuticals (NASDAQ:TTNP) Shares Down 37.4% After Earnings Miss

Titan Pharmaceuticals, Inc. (NASDAQ:TTNP)’s stock price fell 37.4% during mid-day trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $0.40 and last traded at $0.44, 981,881 shares traded hands during mid-day trading. An increase of 45% from the average session volume of 678,097 shares. The stock had previously closed at $0.70.

The specialty pharmaceutical company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.21). The firm had revenue of $0.50 million during the quarter, compared to analyst estimates of $1.30 million. Titan Pharmaceuticals had a negative net margin of 168.23% and a negative return on equity of 311.18%.

TTNP has been the subject of a number of recent research reports. ValuEngine raised Titan Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Maxim Group cut Titan Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday.

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in Titan Pharmaceuticals by 23.0% during the 2nd quarter. Vanguard Group Inc. now owns 582,180 shares of the specialty pharmaceutical company’s stock worth $746,000 after acquiring an additional 109,016 shares during the period. A.R.T. Advisors LLC lifted its position in Titan Pharmaceuticals by 164.7% during the 2nd quarter. A.R.T. Advisors LLC now owns 69,645 shares of the specialty pharmaceutical company’s stock worth $89,000 after acquiring an additional 43,333 shares during the period. Finally, Geode Capital Management LLC lifted its position in Titan Pharmaceuticals by 256.0% during the 4th quarter. Geode Capital Management LLC now owns 341,474 shares of the specialty pharmaceutical company’s stock worth $76,000 after acquiring an additional 245,565 shares during the period. 5.06% of the stock is owned by institutional investors.

The business has a 50-day simple moving average of $1.12 and a two-hundred day simple moving average of $1.48. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.86 and a current ratio of 2.12. The company has a market capitalization of $9.98 million, a price-to-earnings ratio of -0.55 and a beta of 0.99.

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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