Since June 11 the stock of Titan Pharmaceuticals, Inc. (OTCBB:TTNP) has been going nowhere but up. The daily price gains were not that impressive but nonetheless in just six sessions the stock climbed from $0.67 to $0.745 at the end of Wednesday. The continual and sustained rising trend caught the attention of some pump newsletters though and they decided to improve their track record by touting the company.
The first email alerts were sent after the end of Wednesday’s session by the affiliates of Galaxy, LLC – PennyStockProphet, Penny Pick Finders and the Market Caliber team, to name a few. They continued to issue alerts throughout yesterday’s trading bringing the total amount to 17 emails. Despite the fact that the pump was not compensated it certainly caught the attention n of the market.
Investors rushed in to the company and in a state of buying frenzy managed to shift 946 thousand shares, nearly 8 times higher than the average volume for the company. The stock price moved accordingly and in just six and a half hours TTNP
added 12% to its price and reached $0.84, its highest closing price since the start of the year. Can such high valuations be maintained though?
is actually in a decent financial state especially when compared to some of the other pharmaceutical pennystocks. At the end of the latest quarter the company had:
- $10.2 million cash
- $14,6 million total current assets
- $9.6 million total current assets
- $911 thousand revenues
- $1.8 million net loss
The company expects that their current cash reserves will be enough to support their operations up to April, 2015.
Currently the company is on its path to resubmit their drug Probuphine for a New Drug Application (NDA) approval. In order to do that the FDA required another clinical study to be conducted. The trial should start in the next few months and is expected to conclude by the same time next year. It is important to note that even if everything goes according to plan the drug is still years away from approval.
On June 9 TTNP
announced that they had received a notice of allowance for a patent application covering their ProNeura drug delivery system. This patent provides protection for the company’s development program that uses the ProNeura for the treatment of Parkinson’s decease.
certainly have potential but they are still far away from having a product ready for commercialization. The volatility of their stock shouldn’t be underestimated either. That is why any investment should be attempted only after doing your own due
Yesterday the stock of Terra Tech Corp. (OTCMKTS:TRTC
) continued to lose positions and wiped another 10% of its value ending the day at $0.528. Investors seem reluctant to trust TRTC
despite the fact that at the start of the week the company was granted permits for the cultivation and production of marijuana. Tranzbyte Corp. (OTCMKTS:ERBB
) are also going down and yesterday lost close to 5% and dropped down to $0.022 per share.