Titan Pharmaceuticals Lower on Profit Taking
Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) shares have retreated by 3.1% as some traders take profit on the stock’s more than 100% rally from early January. The company’s stock rallied sharply on May 27 before falling in a classic sell-the-news event after the FDA approved Titan’s buprenorphine implant for the treatment of opioid dependence. Given that at the moment it is unclear how much revenue the buprenorphine implant will ultimately achieve, look for Titan Pharmaceuticals, Inc. (NASDAQ:TTNP)’s stock to remain volatile.
Hovnanian Turns In Dissapointing Quarter
Hovnanian Enterprises, Inc. (NYSE:HOV) is almost 12% lower today after the company reported a fiscal second-quarter loss of $0.06 per share on revenue of $654.7 million, versus estimates of a profit of $0.02 per share and revenue of $643.06 million. Adjusted gross margin before interest and land charges amounted to 16.1%, while the dollar value of the company’s backlog rose 27.8% year-over-year to $1.58 billion. The number of homes in the backlog jumped 11.7% to 6,453 houses. Management expects adjusted EBITDA of $200-$225 million on revenue of $2.7-$2.9 billion for fiscal year 2016. Of the 766 total elite funds in Insider Monkey’s database, 9 held shares in Hovnanian Enterprises, Inc. (NYSE:HOV) at the end of March.
Executive Churn in DeVry Education Group
The sudden change of high-level executives in DeVry Education Group Inc (NYSE:DV) is making some shareholders anxious. Shares of the company are down by 14% after DeVry named a new CFO, Patrick Unzicker, to replace the former CFO, Timothy Wiggins. Just last week, the company appointed Lisa Wardell as the new CEO to replace Daniel Hamburger. Investors hope the management churn isn’t indicative of bigger problems down the road. DeVry Education Group Inc (NYSE:DV) was in 13 top fund portfolios at the end of March, down from 14 at the end of December.