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

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Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) shares dropped 37.4% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $0.40 and last traded at $0.44, approximately 981,881 shares traded hands during mid-day trading. An increase of 45% from the average daily volume of 678,097 shares. The stock had previously closed at $0.70.

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

Several research analysts have issued reports on the company. Maxim Group lowered Titan Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday. ValuEngine upgraded Titan Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC increased its position in shares of Titan Pharmaceuticals by 256.0% in the 4th quarter. Geode Capital Management LLC now owns 341,474 shares of the specialty pharmaceutical company’s stock valued at $76,000 after acquiring an additional 245,565 shares during the period. A.R.T. Advisors LLC increased its position in shares of Titan Pharmaceuticals by 164.7% in the 2nd quarter. A.R.T. Advisors LLC now owns 69,645 shares of the specialty pharmaceutical company’s stock valued at $89,000 after acquiring an additional 43,333 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Titan Pharmaceuticals by 23.0% in the 2nd quarter. Vanguard Group Inc. now owns 582,180 shares of the specialty pharmaceutical company’s stock valued at $746,000 after acquiring an additional 109,016 shares during the period. Hedge funds and other institutional investors own 5.06% of the company’s stock.

The company has a quick ratio of 1.86, a current ratio of 2.12 and a debt-to-equity ratio of 1.18. The company’s 50-day simple moving average is $1.13. The stock has a market capitalization of $9.98 million, a PE ratio of -0.55 and a beta of 0.99.

Titan Pharmaceuticals Company Profile (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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