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That two dollar mark is holding pretty strong for Titan Pharmaceuticals (OTCQB:TTNP), as the stock opened the summer months up by another three percent on volume, more than three times the daily norm.

The early-year run and pending release of the Probuphine confirmatory Phase III trial results have attracted significant attention to this company, if the price and volume surge is to be an indication. That said, it's also safe to assume that this increased attention has also attracted the day/swing/momentum traders who may be looking to just play the news, and that means that once the news hits, some price swings and volatility could follow.

With that being the case, I'm always a fan of long-time shareholders taking a few trading shares off the table into any significant spikes, as it's never a bad thing when profits are realized and turned into cash in a portfolio account. Over the long term, however, should these results turn out positive -- as is generally expected -- the Titan share price could appreciate very significantly as sales of Vanda's (NASDAQ:VNDA) Fanapt increase (from which Titan receives an 8% royalty and is partnered with Novartis (NYSE:NVS)) and Probuphine approaches a commercial launch.

It's a near-certainty that Titan will not bring Probuphine to market alone, so also consider that a partner will be landed, or -- as has been my take for quite a while now -- the company ends up being purchased outright. In the meantime, the TTNP share price should continue to uptick leading into the release of trial results. Should news of a partnership or buyout hit at or near the time of the results' release, then a more protracted run could ensue ... but again, be prepared for some volatility to both the upside and downside, since the traders will be playing along with the rest of the crowd.

The increasing price and volume has Titan looking like a solid hold for the time being, especially for those who were around when shares fell to a penny; keep an eye on the wires for the news that everyone is waiting for, the trial results.

A lot of skeptical comments were coming from the woodworks when TTNP fell from a high of $2.50 (after going that far from the penny mark) back down to a buck, where a more-than-ample opportunity to reload was presented. But now that the stock is back to trading for over two bucks (making it a clean double in a short time), you have to wonder where those commenters are now.

Disclosure: I am long OTCQB:TTNP.

Source: Titan Pharma: How High Will It Go on Probuphine News?