With the current price of $0.27,the stock of Titan Pharmaceuticals,Inc. (NASDAQ:TTNP) concluded the trading session seeing its price drop by 0 points or at a loss of -2.55% compared to its previous day’s closing price of $0.27. About 5.075 million shares of the stock changed hands on the day. The trading volume of TTNP’s shares during the past session compares with the stock’s average daily trading volume of 10.631 million shares. On the other hand,a float of 95.38 million shares and a weekly performance of -10.23% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $0 for TTNP’s share which suggests that the stock,price of which is currently buoying between $0.2601 and $0.28,is prone to a loss of -100%. But still,there are some analysts recommending a price below the agreed average price and one of them has given a target price of $0.8 to the stock.
The latest data released on July 31,2020 shows that the short float in the Titan Pharmaceuticals,Inc.’s stock is trending downward as short interest in TTNP shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the TTNP is currently comprised of 7.31% of the float as the volume of shorted shares declined by -439132 shares. Over the past two weeks,stock’s short interests improved as number of shorted shares reduced to 6.976 million shares from the previous figure of 7.415 million shares. Stock’s average intraday volume is now standing at 6.624 million shares which indicate that the days to cover the shorts are nearly 1.053092.
After concluding the day’s trading,price of Titan Pharmaceuticals,Inc. (NASDAQ:TTNP) is down -$0.0333 over the week and it is -$0.0793 below20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $0.5888 that was attained on 10/04/19.
The stock has traded as low as $0.142 in past 52-week,and its current price is 88.38% above from that 52-week low price mark recorded on 11/22/19,which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 0.92. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 36.31 as 14-days RSI of Titan Pharmaceuticals,Inc. This means that the TTNP is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly,the stochastic oscillator is indicating a momentum of 9.31%,implying stock’s share price is buoying in an overbought state.
Technical chart is showing 1st resistance point of $0.2758 for the TTNP’s share while placing it at a 2nd resistance point of $0.2868 to be settled at. But if the stock takes a plunge lower than the 1st support price of $0.2579 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $0.251.
MACD oscillator is showing a reading of -0.0154 for the stock which means that it is currently in the red zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average,which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
Maxim Group started covering the TTNP stock on June 26,recommending Buy rating for it while assigning the price target of $4. The stock gets its recommendation downgraded from Buy to Neutral from the analysts at ROTH Capital in their November 10 note to investors.
The average rating of 2 for TTNP is placing the stock in bullish category at the moment. In a poll by Reuters including 1 analysts in it who kept tracking the Titan Pharmaceuticals,Inc.,0 rated the stock as hold. Others were in different opinions for the TTNP. Out of remaining 1 analysts,1 rated the stock as a buy or strong buy. 0 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
Projection by Zacks Consensus Estimates suggests that Titan Pharmaceuticals,Inc. (NASDAQ:TTNP) will see its current-quarter revenues drop by nearly -32.63% to be decreased to about $900 million. Full-year revenue of the company is however forecasted to be increased by nearly 44.88% to bring $5.23 million in revenues against last year revenue of $3.61 million. Earnings,after adjustments,are likely to fell by -92.11% to post an EPS of -$0.03,while estimate for company’s full year earnings is -$0.16 per share with a growth rate of -77.78%.