Titan Pharmaceuticals, Inc. common stock (NASDAQ: TTNP) is having an incredibly strong start to the trading session in the pre-market hours this morning, and for good reason. The company said that it has been provided with a grant from the National Institute on Drug Abuse. As you could imagine, the news led to excitement, which is pushing the stock for the top. Today, we’ll talk about:
- The grant;
- what we’re seeing from TTNP stock as a result; and
- what we’ll be watching for ahead.
TTNP Announces Grant News
As mentioned above, Titan Pharmaceuticals is having an incredibly strong start to the trading session this morning after the company announced that it received a grant. According to various reports, the grant came from the National Institute on Drug Abuse of the National Institutes of Health.
The grant award came to a total of $6.7 million, which TTNP will use to develop an opiod antagonist. The treatment is a 6-month implantable Nalmefene formulation based on PreNeura. The company said that the formulation will be used as a preventative measure to help avoid relapse to the addiction to opiods after detoxification. The company said that the grant will be valid for a period of 2 years.
In a statement, Dr. Kate DeVarney, Principal Investigator and CSO of the TTNP project said that the company has received previous grants from NIDA for the development of Probuphine.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of Titan Pharmaceuticals, the news proved to be overwhelmingly positive. After all, this grant provides non-dilutive funding that will assist the company in furthering its research and developing what could become a revenue generating treatment. So, it comes as no surprise that excited investors are pushing the stock on a run for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:53), TTNP is trading at $0.40 per share after a gain of $0.08 per share or 25% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on TTNP. In particular, we’re interested in following the development of implantable Nalmefene as the treatment now has the support of NIDA behind it. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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