Titan Pharmaceuticals (NASDAQ:TTNP) Shares Pass Below 200-Day Moving Average of $0.60

Titan Pharmaceuticals, Inc. (NASDAQ:TTNP)’s share price passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $0.60 and traded as low as $0.43. Titan Pharmaceuticals shares last traded at $0.43, with a volume of 8,621 shares changing hands.

Wall Street Analyst Weigh In

Separately, StockNews.com began coverage on shares of Titan Pharmaceuticals in a research report on Tuesday. They set a “sell” rating on the stock.

Titan Pharmaceuticals Trading Up 1.7 %

The business has a fifty day simple moving average of $0.45 and a two-hundred day simple moving average of $0.60.

Titan Pharmaceuticals (NASDAQ:TTNP) last posted its earnings results on Monday, August 14th. The specialty pharmaceutical company reported ($0.11) earnings per share for the quarter. The firm had revenue of $0.08 million for the quarter. Titan Pharmaceuticals had a negative return on equity of 949.26% and a negative net margin of 2,137.63%.

Institutional Trading of Titan Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of TTNP. Renaissance Technologies LLC grew its holdings in Titan Pharmaceuticals by 559.3% in the second quarter. Renaissance Technologies LLC now owns 240,710 shares of the specialty pharmaceutical company’s stock worth $135,000 after purchasing an additional 204,200 shares during the period. Millennium Management LLC grew its holdings in Titan Pharmaceuticals by 516.8% in the second quarter. Millennium Management LLC now owns 63,106 shares of the specialty pharmaceutical company’s stock worth $35,000 after purchasing an additional 52,874 shares during the period. Virtu Financial LLC purchased a new stake in shares of Titan Pharmaceuticals in the 2nd quarter worth approximately $35,000. Finally, State Street Corp purchased a new stake in shares of Titan Pharmaceuticals in the 3rd quarter worth approximately $41,000. 31.49% of the stock is owned by hedge funds and other institutional investors.

Titan Pharmaceuticals Company Profile

Titan Pharmaceuticals, Inc, a pharmaceutical company, develops therapeutics for the treatment of chronic diseases. It develops products based on ProNeura, a proprietary long-term drug delivery platform. The company offers Probuphine implant for the maintenance treatment of opioid use disorder in clinically stable patients in the United States, Canada, and the European Union.