Activist Investing discloses 9.9% stake in Titan Pharmaceuticals

Jun. 10, 2022 8:49 AM ETTitan Pharmaceuticals, Inc. (TTNP)By: Anuron Mitra, SA News Editor
  • Investment fund Activist Investing LLC on Friday said that it had increased its stake in Titan Pharmaceuticals (NASDAQ:TTNP) to 9.9%.
  • Activist Investing CEO David Lazar said that the stake increase was "a result of our belief in the prospects of the company and its ability to unlock significant stockholder value through a strategic transaction".
  • The investment fund disclosed the increase in stake in an amended 13D filing with the U.S. SEC yesterday afternoon.
  • Activist had initially disclosed a 5.6% stake in the San Francisco, Calf.-based company in late April.
  • TTNP had announced in Dec. 2021 that it would evaluate strategic alternatives, including an acquisition or a sale of assets.
  • "We remain hopeful that the company’s strategic review will result in a positive outcome that is in the best interest of all TTNP stockholders,” Lazar said in Friday's statement.
  • TTNP stock ended 7.3% higher at $0.60 yesterday after the amended 13D filing.

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