StockNews.com Initiates Coverage on Titan Pharmaceuticals (NASDAQ:TTNP)

StockNews.com started coverage on shares of Titan Pharmaceuticals (NASDAQ:TTNP) in a research report sent to investors on Monday. The firm issued a sell rating on the specialty pharmaceutical company’s stock.

Titan Pharmaceuticals Stock Performance

Titan Pharmaceuticals stock opened at $7.10 on Monday. The company has a 50 day moving average price of $7.34 and a 200 day moving average price of $7.23. The firm has a market capitalization of $6.46 million, a price-to-earnings ratio of -0.87 and a beta of 1.33. Titan Pharmaceuticals has a 52 week low of $5.00 and a 52 week high of $16.60.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC lifted its holdings in shares of Titan Pharmaceuticals by 559.3% during the second quarter. Renaissance Technologies LLC now owns 240,710 shares of the specialty pharmaceutical company’s stock valued at $135,000 after acquiring an additional 204,200 shares during the period. Virtu Financial LLC bought a new position in shares of Titan Pharmaceuticals in the second quarter valued at about $35,000. Millennium Management LLC raised its holdings in Titan Pharmaceuticals by 516.8% during the 2nd 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 last quarter. Finally, State Street Corp bought a new stake in Titan Pharmaceuticals during the 3rd quarter worth about $41,000. Institutional investors own 31.49% of the company’s stock.

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.