Titan Pharmaceuticals (NASDAQ:TTNP) should have drawn the interest of biotech investors on Wednesday with a modest price increase on fairly significant volume, and Thursday's trading added even more of the same as TTNP easily surpassed Wednesday's price and volume bumps.
It may have been the Novartis (NYSE:NVS) earnings report earlier in the week that showed a positive growth trend in Fanapt sales sparked this run, but it's also expected that Probuphine Phase III results will be released at some point during the current quarter.
Probuphine is a treatment for opioid additiction utilizing Titan's proprietary ProNeura drug delivery technology and fits well into the current trend in health care where a clamp-down in the abuse of prescription drugs is in effect.
The potential of Probuphine doesn't just stop with opioid addiction, however, as trials are also underway to measure its effectiveness in treating chronic pain. The potential for ProNeura is also robust, as the technology could be used to deliver other approved drugs.
These facts add significant value to Titan over the long term, and might have it on the radars of big pharma as an acquisition target.
Thursday's volume is indicative that it's on someone's radar, and this run has the potential to breach the two dollar mark, in my opinion, seeing as how news should be close.
Continue to keep an eye on this one.
Disclosure: Long TTNP.