Titan Pharmaceuticals (NASDAQ:TTNP) Stock Price Down 13.7%

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Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) shares dropped 13.7% during trading on Thursday . The company traded as low as $0.37 and last traded at $0.33, approximately 502,308 shares changed hands during trading. A decline of 97% from the average daily volume of 15,486,752 shares. The stock had previously closed at $0.38.

TTNP has been the topic of a number of research analyst reports. ValuEngine raised shares of Titan Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, April 2nd. Maxim Group initiated coverage on shares of Titan Pharmaceuticals in a research report on Wednesday, April 1st. They set a “buy” rating and a $1.00 price target on the stock.

The firm has a market cap of $33.00 million, a P/E ratio of -0.54 and a beta of 0.88. The stock’s 50-day simple moving average is $0.28 and its 200 day simple moving average is $0.24. The company has a quick ratio of 2.51, a current ratio of 2.75 and a debt-to-equity ratio of 0.68.

Titan Pharmaceuticals (NASDAQ:TTNP) last released its quarterly earnings data on Monday, March 30th. The specialty pharmaceutical company reported ($0.08) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.08). Titan Pharmaceuticals had a negative net margin of 437.91% and a negative return on equity of 1,909.37%. The company had revenue of $1.22 million for the quarter, compared to analysts’ expectations of $1.40 million. On average, research analysts forecast that Titan Pharmaceuticals, Inc. will post -0.13 earnings per share for the current fiscal year.

A hedge fund recently bought a new stake in Titan Pharmaceuticals stock. Renaissance Technologies LLC bought a new position in Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 320,400 shares of the specialty pharmaceutical company’s stock, valued at approximately $62,000. Renaissance Technologies LLC owned about 0.48% of Titan Pharmaceuticals at the end of the most recent reporting period. Institutional investors own 3.51% of the company’s stock.

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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