Titan Pharmaceuticals, Inc. (OTCBB:TTNP) Wipes Out Latest Green Session
After a second big red day on Wednesday, Titan Pharmaceuticals, Inc. (OTCBB:TTNP) closed over 15% down on 2.7 million shares traded. Even though volume had come down from Tuesday’s 4.5 million, the stock slipped twice as much in terms of percentile movement.
Titan enjoyed a huge green run in just four sessions over the last two weeks. The ticker managed to push its way from $0.7 to nearly $1.20 in a very short timespan. TTNP is a pharma company with a bit of a difference, compared to some of its OTC peers. The last quarterly report posted by TTNP contained the following figures, as of June 2013:
- $11 million in cash
- $13 million in current liabilities
- $2.1 million in quarterly revenues
- $5 million in net income
The company’s cash position is relatively comfortable at $11 million in the bank. The impressive revenue figure, however, originates from ‘non-cash gain on changes in fair value of warrants’, which adds a hefty $5.3 million to the bottom line. The company’s operating expenses outstripped revenues for the quarter by almost $300 thousand.
While there is no pump campaign for TTNP, the ticker’s recent run also happened on no significant news and press releases. The ticker took off briefly after an 8-K was published, announcing the FDA agreed to a meeting to discuss one of TTNP‘s products. The green run seems to have coaxed a sufficient number of shareholders to cash out as the selling of the last two days weighed down on the stock. TTNP dipped as low as $0.80 intra-day in yesterday’s session and the stock remains largely volatile.
Other pharma companies that moved large volumes yesterday include Biozone Pharmaceuticals, Inc. (OTCBB:BZNE) who had a red session as well, slipping 16%. Provectus Pharmaceuticals, Inc. (OTCMKTS:PVCT) only dropped 5% to a close of $0.9 on 800 thousand shares traded.