Titan Pharmaceuticals, Inc. (OTCBB:TTNP) Heats Up Activity, Awaiting New FDA Meetings
For a few months now, Titan Pharmaceuticals, Inc. (OTCBB:TTNP) has been struggling with recovery, but last week came with higher volumes that may require some attention. There are early indicators that the FDA is warming up to the Probruphine treatment that a few months ago received negative reviews and a delay in the approval process.
TTNP grew by more than 11% on Wednesday, reaching 77 cents on dollar volumes above $778,000. Since the last 8-K and other filings on September 27th, TTNP added more than 10 cents to its price, on volumes up to a few times higher than the usual levels for the past months. But the question remains if TTNP would manage to gain momentum or sink back to lower levels.
TTNP has no new promotions since May 7th, when pumpers took it up ahead of an FDA announcement that turned sour. Then, TTNP slid by 75% in days. But it is the gap in the price that is attracting the attention of investors in the past days, as the pharmaceutical company has closed price gaps quickly in the past. There was talk of the stock returning to $1.60, or even $2. After all, TTNP jumped from the 80-cent range to above $2 in a month at the beginning of 2013.
The next few days will show if TTNP is in a golden period of renewed activity. So far, the company awaits a meeting from the FDA to discuss the Probruphrine therapy again. The meeting is set up for November 19th, and it would be a Type C meeting. TTNP will be preparing documents until October 7th. All of this may create enough stirring to support a further upward drive.
TTNP is rising slowly in a general climate that saw several pharmaceutical tickers spike to new ranges. Elite Pharmaceuticals, Inc. (OTCBB:ELTP) saw a doubling in price in a month, and although it tracked back for a while, now standing around 13 cents.
The other receiver of new attention was Soligenix, Inc. (OTCBB:SNGX), which attracted government agency funding for research and development of an anti-radiation treatment. SNGX more than doubled since July, and in the past week slid a little from $2.40 to $2.13.
If you need to go into TTNP believing it could repeat the story at the turn of last year, be aware that the climb is not guaranteed, and that past performance has no bearing on the new outcome. Do not invest sums that you cannot afford to lose on the creation of the great price gaps that TTNP went through in the past.