Shares of Titan Pharmaceuticals traded on nearly triple the average volume on Wednesday while moving higher by over five percent during late day trading.
One cause for the increased interest could be the Novartis earnings report from earlier this week that showed a sharp increase in Fanapt sales.
Titan receives an 8% royalty on Fanapt sales, and the quarter one number was nine million dollars. That would make Titan's cut just over $700,000.
These volume/price moves are not uncommon for TTNP, and are often followed by sharp moves, whether it be to the upside or downside. Since the stock has been trading at the lower end of the range set up this year, it's possible that the boost in volume could be tipping off another move up.
Probuphine results are also just around the corner, so Titan should be all over the biotech watch lists right now, in my opinion.
Keep in mind this stock's history of quick retreats after price surges, but then again - the company has never been on as solid footing as it is right now, at least in terms of pipeline developments.
Stay glued to Titan, this one might be getting warmed up.
Disclosure: Long TTNP.