Mets fans, it was a heck of a four game stretch. Now it's time for us to start looking forward to spring training next year.
The markets halted a five day skid on Wednesday, and early indicators are that Thursday could bring some additional rebound. It's my opinion that we haven't seen the last of the downswing, that the declines of today's era will be more slow and gradual than the falling-off-the-cliff phenomena of years past that attracted too much regulator and political attention than Wall Street liked.
But at the end of the day, I'm just a guy with an opinion, so we'll see how it plays out.
Here's a brief recap of some stories and events from the markets over the past twenty-four hours...
Titan Pharmaceuticals (TTNP): Needless to say, investors are not quite happy with management at Titan Pharmaceuticals (TTNP) these days. A brief run earlier this year quickly stalled and shares have been trickling back to the dollar mark for weeks.
Months of encouraging talk from the company regarding positive Phase III results for Probuphine led to increased speculation that the company had quickly become a buyout candidate, with a Bloomberg report last year adding even more fuel to that speculative fire.
Such visions came crashing down this week - at least for the short term - when an announcement of another direct offering sent shares diving to below seventy cents. The deal will bring in over five million dollars for Titan, which plans to use the funds to support a New Drug Application (NDA) with the FDA for Probuphine.
Discussions with the FDA late last year proved fruitful and it's not expected that Titan will need to compile any additional data to support an NDA submission.
Those encouraging facts do not offset the 50% price drop in just a couple of months, culminated by a stock offering in the midst of a market correction when TTNP was trading near its short and mid term lows.
Investors who were previously predicting a three dollar-or-above buyout may now view those expectations as overly-lofty, barring a quick recovery, but impatience also ruled this week's trading as volume indicated a mass bailout by investors who might have seen better deals out there - with quicker chances of realizing gain - as the market declined.
If the Probuphine registration process moves ahead and results in an FDA approval - or if a buyout or partnership materializes - then it's likely that TTNP will trade for well above the dollar prices that collapsed this week.
Given investor impatient with management, however, many might not stick around to see those events out.
Spectrum Pharmaceuticals (SPPI): Spectrum Pharmaceuticals (SPPI) had two significant events unfold over the past week, one being the failure of Phase III trials for a pipeline product - apaziquone - that the company expected would draw in peak annual sales of $300 million, and the other was a purchase of Allos Therapeutics (ALTH) that was timed to help offset the negative press surrounding the trial failure.
Shares fell to below ten dollars earlier in the week before a modest Wednesday revival spiked SPPI back to near that mark.
With the Allos acquisition, Spectrum brings in another product that is already making money, Folotyn, which joins Zevalin and Fusilev as the company's other main products. Fusilev sales are not expected to maintain their strength with renewed competition predicted from a generic competitor, but Zevalin sales could increase with the removal of a bioscan requirement for treatment.
Under ten bucks, SPPI could be a decent buy again, but some are skeptical following the apaziquone failures.
Ampio Pharmaceuticals (AMPE): Ampio has been making solid progress on all of its pipeline fronts over the past year. That solid progress has the company gearing upcoming trials, which should start later this year, towards FDA approval requirements.
Not discussed recently, however, has been the progress of the company's ORP diagnostics pipeline. The ORP diagnostics measure a patient's total oxidative stress, which could prove more accurate a measure of a patient's general health than the standard tests of vital signs now a part of routine visits to the Doctor.
On Thursday morning Ampio announced that full enrollment of its "multiple indication diagnostic clinical trials."
AMPE shares opened nearly ten percent higher on the news.
According to the news release, the company plans to file a 501k submission with the FDA for approval as a medical device, expected to take place in the "near future."
Chanticleer Holdings (CCLR): Chanticleer Holdings (CCLR) continues to expand the Hooters brand into high-growth international markets, a strategy employed by many of America's best-known restaurant brands.
The company announced this week the expansion of the Hooters presence in Australia, with a second store to be opened in Surfer's Paradise. Chanticleer's first Australian location is Campelltown is already out-performing previous expectations, offering evidence that the SP store will also measure up.
"The restaurant is expected to open late second quarter 2012 and will mark the second JV restaurant to open this year since the company's Campbelltown, Australia restaurant opened on January 9th, 2012. The Campbelltown location continues to exceed expectations reaching a top ten ranking in sales across the entire Hooters restaurant group, while building a loyal repeat fan base," noted a Wednesday press release.
CCLR is a lightly traded stock, but the potential exists for quick appreciation should significant investor attention materialize.
After all, Hooters is big-name brand being methodically grown on the international market.
Shares were unmoved on this news.
Human Genome Sciences (HGSI) below eight dollars again - that has proven to be a good buying range over the past few months...Amarin (AMRN) under ten bucks again, also has proven to be decent buying territory...Implant Sciences (IMSC) consolidating at a dollar...NovaBay Pharmaceuticals (NBY) straddling the $1.30 mark for weeks - could prove intriguing over the next few months with multiple catalysts coming due...Happy Trading, and be on the lookout for another market dip downward...the volatility could provide some nice buying opps.
Disclosure: Long IMSC, NBY, CCLR, TTNP.
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