Titan Pharmaceuticals Given “Outperform” Rating at Zacks (TTNP)
Titan Pharmaceuticals (NASDAQ:TTNP)‘s stock had its “outperform” rating reaffirmed by Zacks in a report issued on Thursday. They currently have a $1.50 target price on the stock. Zacks‘s price objective would indicate a potential upside of 117.71% from the stock’s previous close.
Zacks’ analyst wrote, “On August 14, 2014, Titan Pharmaceuticals, Inc. announced results for the second quarter of 2014. Revenues were $0.9 million and resulted from the amortization of upfront payments from Braeburn Pharmaceuticals. Net loss for the quarter was $0.8 million, or $0.01 per share. Importantly, during the second quarter the company initiated the confirmatory Phase 3 study to support the resubmission of the NDA for Probuphine. The study is expected to be completed by mid-2015. We continue to believe Probuphine will eventually receive U.S. approval, now forecasted to occur during the first half of 2016. We are maintaining our Buy rating and $1.50 price target, which is roughly 125% upside from today’s price. “
Titan Pharmaceuticals (NASDAQ:TTNP) traded down 2.03% on Thursday, hitting $0.675. The stock had a trading volume of 17,462 shares. Titan Pharmaceuticals has a 52-week low of $0.53 and a 52-week high of $1.27. The stock’s 50-day moving average is $0.76 and its 200-day moving average is $0.69. The company has a market cap of $60.1 million and a P/E ratio of 689.00.
Titan Pharmaceuticals (NASDAQ:TTNP) last announced its earnings results on Wednesday, August 13th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.01.
Separately, analysts at Highline Research Advisors initiated coverage on shares of Titan Pharmaceuticals in a research note on Monday, July 7th. They set a “buy” rating and a $3.00 price target on the stock.
Titan Pharmaceuticals, Inc is a biopharmaceutical company developing proprietary therapeutics primarily for the treatment of central nervous system (NASDAQ:TTNP) disorders.
To view Zacks’ full report, visit Zacks’ official website.
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