News Spotlight: Titan Pharmaceuticals (NASDAQ:TTNP)

Titan Pharmaceuticals (NASDAQ:TTNP) stock observed trading -90.35% off 52-week high price. On the other end, the stock has been noted 66.55% away from low price over the last 52-weeks. The stock disclosed a move of 35.13% away from 50 day moving average and -71.93% away from 200 day moving average. Moving closer, we can see that shares have been trading 27.04% off 20-day moving average. It has market cap of $11.19M.

On Jan. 7, 2020, Titan Pharmaceuticals (NASDAQ:TTNP) notified it has entered into a securities purchase agreement with certain accredited institutional investors to purchase approximately $2.2 million of its common stock in a registered direct offering and warrants to purchase shares of common stock in a concurrent private placement. The combined purchase price for one share of common stock and each warrant will be $0.25.

Under the terms of the purchase agreement, Titan has agreed to sell 8,700,000 shares of its common stock. In a concurrent private placement, Titan has agreed to issue warrants to purchase up to an aggregate of 8,700,000 shares of common stock.  The warrants will be exercisable commencing on the later of (i) six months from the date of issuance or (ii) the date that Titan’s stockholders approve a reverse stock split in an amount sufficient to permit the exercise in full of all of the warrants, will expire on the five year and six month anniversary of the issuance date and will have an exercise price of $0.25 per share.

Titan expects the gross proceeds from the registered direct offering and concurrent private placement to be approximately $1.9 million after deducting the placement agent’s fees and other estimated offering expenses. The registered direct offering and concurrent private placement is expected to close on or about January 9, 2020, subject to the satisfaction of customary closing conditions.

The USA based company Titan Pharmaceuticals moved with change of -19.83% to $0.24 with the total traded volume of 18874659 shares in Tuesday session versus to an average volume of 7.97M. The stock was observed in the 5 days activity at 10.00%. The one month performance of stock was 36.71%. TTNP’s shares are at -38.41% for the quarter and driving a -85.34% return over the course of the past year and is now at 21.84% since this point in 2018.  Right now the stock beta is 1.25. The average volatility for the week and month was at 23.65% and 12.62% respectively. There are 47.31M shares outstanding.

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