Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) was the target of a significant growth in short interest in October. As of October 31st, there was short interest totalling 8,743,759 shares, a growth of 479.5% from the October 15th total of 1,508,880 shares. Based on an average daily trading volume, of 28,857,144 shares, the days-to-cover ratio is currently 0.3 days. Currently, 37.0% of the shares of the stock are short sold.
Shares of TTNP stock opened at $0.40 on Friday. Titan Pharmaceuticals has a fifty-two week low of $0.17 and a fifty-two week high of $1.85. The stock has a market cap of $9.12 million, a P/E ratio of -0.57 and a beta of -0.13.
Titan Pharmaceuticals (NASDAQ:TTNP) last announced its earnings results on Tuesday, August 14th. The specialty pharmaceutical company reported ($0.04) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.13) by $0.09. Titan Pharmaceuticals had a negative return on equity of 1,659.34% and a negative net margin of 295.69%. The business had revenue of $2.67 million during the quarter, compared to analysts’ expectations of $0.07 million. On average, equities analysts forecast that Titan Pharmaceuticals will post -0.42 EPS for the current fiscal year.
In other news, Director James R. Mcnab bought 200,000 shares of the firm’s stock in a transaction that occurred on Friday, September 21st. The stock was acquired at an average price of $0.25 per share, with a total value of $50,000.00. Following the completion of the purchase, the director now directly owns 300,000 shares of the company’s stock, valued at approximately $75,000. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Marc Rubin bought 400,000 shares of the firm’s stock in a transaction that occurred on Friday, September 21st. The shares were purchased at an average cost of $0.25 per share, with a total value of $100,000.00. Following the purchase, the chairman now directly owns 556,317 shares of the company’s stock, valued at $139,079.25. The disclosure for this purchase can be found here. Insiders have purchased 900,000 shares of company stock valued at $225,000 in the last ninety days. Company insiders own 19.50% of the company’s stock.
An institutional investor recently bought a new position in Titan Pharmaceuticals stock. Perkins Capital Management Inc. bought a new stake in shares of Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,200,000 shares of the specialty pharmaceutical company’s stock, valued at approximately $249,000. Perkins Capital Management Inc. owned approximately 5.66% of Titan Pharmaceuticals as of its most recent SEC filing. 12.17% of the stock is currently owned by institutional investors.
About Titan Pharmaceuticals
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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