Titan Pharmaceuticals, Inc. (NASDAQ:TTNP)’s share price gapped down prior to trading on Friday . The stock had previously closed at $0.46, but opened at $0.42. Titan Pharmaceuticals shares last traded at $0.37, with a volume of 13390530 shares trading hands.

Titan Pharmaceuticals (NASDAQ:TTNP) last posted its quarterly earnings results on Tuesday, August 14th. The specialty pharmaceutical company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.09. The company had revenue of $2.67 million for the quarter, compared to analyst estimates of $0.07 million. Titan Pharmaceuticals had a negative return on equity of 1,659.34% and a negative net margin of 295.69%. On average, sell-side analysts expect that Titan Pharmaceuticals, Inc. will post -0.42 earnings per share for the current fiscal year.

In other news, Chairman Marc Rubin acquired 400,000 shares of the company’s stock in a transaction dated Friday, September 21st. The stock was bought at an average price of $0.25 per share, with a total value of $100,000.00. Following the completion of the acquisition, the chairman now owns 556,317 shares in the company, valued at approximately $139,079.25. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Sunil Bhonsle acquired 300,000 shares of the company’s stock in a transaction dated Friday, September 21st. The shares were purchased at an average cost of $0.25 per share, with a total value of $75,000.00. Following the acquisition, the insider now owns 435,578 shares of the company’s stock, valued at approximately $108,894.50. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 900,000 shares of company stock valued at $225,000. Corporate insiders own 19.50% of the company’s stock.

A hedge fund recently bought a new stake in Titan Pharmaceuticals stock. Perkins Capital Management Inc. acquired a new stake in Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 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 at the end of the most recent quarter. Institutional investors and hedge funds own 6.50% of the company’s stock.

About Titan Pharmaceuticals (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.

See Also: Earnings Per Share (EPS)

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