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Shares of Talon Thereapeutics (OTC:TLON) (formerly Hana Biosciences) dropped by nearly 15% on Friday, after having tripled in price in just over a month.

Volume significantly increased over the last three trading days of last week as the momentum, swing and day traders probably jumped on board, and investors will be wthis one closely on Monday to see if the run continues or if it will stall at or near the $1.30 mark.

Talon's lead product candidate is Marqibo for the indication of acute lymphoblastic leukemia for which Talon expects to apply for accelerated approval from the FDA in 2011.

Marqibo has already been granted orphan drug designation by both the US and European regulatory agencies.

Talon is also conducting trials to expand the uses of Marqibo and has additional earlier-stage products in the pipeline.

Also, the company secured financing of up to $100 million from Warburg Pincus and Deerfield Management in 2010.

The price spike, recent trading action and growing volume will have TLON on the watch list this week.

Given the relatively developed Marqibo pipeline and the long term potential of its other products, it wouldn't be unreasonable to expect to see shares at least double over the short term.

Other just-as-speculative companies boast market caps of well over $100 million, while TLON's closed Friday at under $30 million.

Keep an eye on this one. Big gains have already been had, but some more might be in the works.

As always, each investor should conduct his or her own DD and invest accordingly.

Investments and trades in this sector are never without risk.

Disclosure: Long TLON.

Source: Talon Therapeutics Run May Go a While Longer