Investors impatient with the lack of information flowing from Titan Pharmaceuticals (TTNP) likely bailed out as the stock slipped below the dollar mark on large volume a couple of months ago, but there are reasons to believe that the company may again be coming back to life and may make an attempt to push the share price back above the buck barometer.
Shares of Titan, which have already risen from the dead once, have been trading with increased volume over the past few trading sessions and opened heavy on Thursday, too. Well more than 100,000 shares traded hands during the opening hours, far above the daily numbers that the stock had been posting during the weeks prior when TTNP shares were doing their best impression of Willie Nelson - stuck in the sixties.
Although quiet on the partnership front, developments with the FDA have moved along with positive momentum in outlining a path for Probuphine approval, so any updates from the company on that front could again reignite investor interest and possibly spark the run needed to move back above the one dollar level.
The recent spike in trading volume could be an indicator that news may be pending, a welcome sign after months of silence.
Titan's ProNeura drug delivery technology holds significant potential as a subcutaneous controlled-release technology and may also be an attractive target for an acquiring company. Put to the test with Probuphine, results have been positive in the treatment of opioid addiction and additional testing continues for its use in the treatment of chronic pain.
Still one to keep an eye on. Historically speaking, when TTNP moves, it moves quick.
Disclosure: Long TTNP.
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