Titan Pharmaceuticals, Inc. (OTC:TTNP) Slides Down on a Royalty Agreement
Posted on November 21, 2011 by pennystocksotc
Titan Pharmaceuticals, Inc. (OTC:TTNP) Slides Down on a Royalty Agreement
Last week, Titan Pharmaceuticals, Inc. (OTC:TTNP, TTNP message board) dipped under the 50-MA and throughout the last five sessions it was unable to regain its former position. On Friday, TTNP touched the moving average with the shadow of its candle depicting the intraday high at $1.36. However, TTNP closed the session lower at $1.27. Overall, the stock finished 0.79% lower than the previous close on a volume of 160 thousand shares, which is two times higher than the daily average. The data issued by FINRA showed that 26 thousand shares were exchanged in short transactions. This is roughly 17% of the whole volume. The deep plunge of TTNP happened on November 15 when the company announced it had entered into a $15 million royalty sale agreement with Deerfield Management Company LP. Then, on a volume of nearly 400 thousand shares TTNP crashed down 14.79%. From a technical point of view, at present TTNP has lost the support of the MACD which may additionally aggravate the stock’s effort to go back above the 50-MA.
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Titan Pharmaceuticals, Inc. (OTC:TTNP) Slides Down on a Royalty Agreement
