The stock of Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) is now priced at $0.31 and the shares are -0.01 points down or -2.56% lower compared to its previous closing price of $0.32. However, it has a float of 95.38 million and although its performance was 6.75% over the week, it’s one to watch. The stock’s downside potential is -100% with the TTNP share price recently placing at $0.302 to $0.3197. However, some brokerage firms have priced the stock below the average, including one that has called $0.8.
The shorts are running away from the Titan Pharmaceuticals, Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the TTNP shares have declined. Short interest in the stock represents just 8.04% of its float, but the volume has dropped by -252576. The volume of shorted shares dropped to 7.415 million from 7.668 million shares over the last two weeks. The average intraday trading volume has been 4.514 million shares, which means that days to cover moved to roughly 1.642787.
In the last trading session, Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) raised by $0.0197 over the week and lost -$0.0384 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $1.1899. The stock recorded its established 52-week high on 07/26/19.
Since 11/22/19, the stock has traded to a low of $0.142 at 119.37%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.92. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Titan Pharmaceuticals, Inc.’s two-week RSI is 49.98. This suggests that the stock is neutral at the moment and that TTNP shares’ price movement remains stable. The stochastic readings are equally revealing at 61.19% meaning the TTNP share price is currently in neutral territory.
The technical chart shows that the TTNP stock will likely settle at between $0.3201 and $0.3288 per share. However, if the stock dips below $0.3024, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.2934.
Currently, the stock is trading in the green of MACD, with a reading of 0.0132. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned TTNP a rating of Buy in their intiating review released on June 26. ROTH Capital analysts downgraded their recommendation of the stock from Buy to Neutral in a flash note released to investors on November 10.
The average rating for the TTNP equity is 2 and is currently gathering a bullish momentum. Of 1 analysts tracking Titan Pharmaceuticals, Inc. polled by Reuters, 0 rated TTNP as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) will decrease by about -99.9%, which will see them reach $1.34 million. The company’s full-year revenues are, however, expected to increase by about 45.98%, up from $3.61 million to $5.27 million. TTNP’s expected adjusted earnings should drop almost -100% to end up at $0 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -81.94% to record -$0.13/share.