Monday, April 25, 2011
TTNP: Titan's Close Last Week Makes it a Stock To Watch
TTNP: Titan Pharmaceuticals was rising last week, on heavy volume as well, which pinpoints it as a stock to watch for the coming trading week.
Volume initially picked up after the Novartis earnings report uncovered an 80% quarter-over-quarter increase in Fanapt sales, of which Titan receives an 8% royalty, but the pending Probuphine Phase III data that is due to be released this quarter also adds short term intrigue to this company.
Titan, which traded for just around a penny a couple of years ago before the surprising FDA approval of Fanapt, had traded as high as $2.50 since the approval and it's possible that shares could test those highs again during the lead-up to the Probuphine results.
I'm also convinced that Titan will ultimately end up becoming the target of a buyout, and it might be that potential acquirers are waiting on the final Probuphine study results before placing a value on the company.
Keep an eye on Titan this week.
Disclosure: Long TTNP.