Titan Pharmaceuticals, Inc. (OTCBB:TTNP) Slows the Climb
Titan Pharmaceuticals, Inc. (OTCBB:TTNP) went through a jittery few days, but managed to stay above $1, though the daily gains are smaller. TTNP traded on dollar volumes just below $400K, adding 4% to its value, to stand at $1.04. The company has decided not to put forth any updates on the renewed FDA procedure for the Probruphine therapy. All that is know is that in mid-November, the agency should hold another review meeting.
TTNP is on a run to close the gap made in May, where the shares cut out 75% of their value. Still, there were enough detractors pointing out that TTNP could easily slide back to lower levels. The ticker reached $1.20 easily, but was still 60 cents below its May levels.
And there is talk that TTNP may even attempt a re-listing to NASDAQ, in order to gain more exposure and livelier trading. Such uplistings have happened to other serious companies that overcame past setbacks and boosted their financial record, along with presenting new therapies.
For NanoViricides, Inc. (AMEX:NNVC), the change boosted the ticker to around $5, but did not manage to take it to the peak around $7. The change came soon after the company received an “orphan drug” status for its dengue fever therapy, for targeting a significant, though rare disease.
For TTNP, the results of another rejection would be devastating, since funds for further development would be withdrawn if the FDA lengthened the process. To increase the chances with the FDA, TTNP has submitted an extremely detailed report on the problems and solutions of the proposed anti-addiction therapy. The meeting of November 19th would be a watershed for the stock price, though activity leading up to the event has its good and bad days.
TTNP targets a socially significant problem, opioid addiction, and its therapy is a way to improve withdrawal symptoms by delivering a controlled dose of restricted substances. The success with the FDA hinges on the efficiency of the drug delivery through a semi-permanent implant under the skin. According to experts, the drug delivery system could be used for other treatments as well, and bring extra revenues to TTNP.
A lack of news and a new drive leaves previously hot tickers stagnant. After a run up and down, Advanced Cell Technologies, Inc. (OTCBB:ACTC) lost its mojo and has drifted between 5 and 7 cents for a while, currently established at 6 cents.
The week is still new and TTNP may return to the higher activity and faster gains. But just as easily the trend could turn if profit-takers strike again. If you like the $1 levels, keep in mind that TTNP has gone down twice in the past years, keeping investors waiting for a recovery. Decide on your preferable time frame, and be ready to absorb losses.