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.
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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