Titan Pharmaceuticals (TTNP) Shares Gap Down to $0.40

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Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) shares gapped down before the market opened on Friday . The stock had previously closed at $0.42, but opened at $0.40. Titan Pharmaceuticals shares last traded at $0.39, with a volume of 5383756 shares changing hands.

The stock has a market cap of $8.20 million, a price-to-earnings ratio of -0.55 and a beta of -0.13. The company has a debt-to-equity ratio of 0.76, a current ratio of 5.24 and a quick ratio of 1.21.

Titan Pharmaceuticals (NASDAQ:TTNP) last issued its quarterly earnings data on Wednesday, November 14th. The specialty pharmaceutical company reported ($0.11) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.03. The firm 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 878.37% and a negative net margin of 168.73%. As a group, analysts forecast that Titan Pharmaceuticals, Inc. will post -0.42 earnings per share for the current fiscal year.

In other Titan Pharmaceuticals news, Chairman Marc Rubin purchased 400,000 shares of the stock in a transaction that occurred on 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 acquisition, the chairman now owns 556,317 shares in the company, valued at $139,079.25. The purchase was disclosed in a document filed 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 that occurred on Friday, September 21st. The stock was acquired at an average cost of $0.25 per share, with a total value of $75,000.00. Following the acquisition, the insider now owns 435,578 shares in the company, valued at approximately $108,894.50. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 900,000 shares of company stock valued at $225,000. Company 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 stake in Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm 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 quarter. 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.

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