Shares of the Titan Pharmaceuticals, Inc. (TTNP) stock were rising in the intraday trading session today on December 21, 2021. TTNP stock price saw a push of 8.41% to reach $1.16 a share at the time of this writing. The trading volume on the last check was 461,465, higher than the average trading volume. Let’s deep dive to understand the reason for this bull.
What’s Happening?
The TTNP stock became bullish after the company announced the positive news regarding the enhancement of the shareholder value. TTNP has initiated the process to find and evaluate the strategic alternatives to strengthen the shareholder value. Maxim Group LLC will be the exclusive financial advisor of Titan Pharmaceuticals in this process.
Potential strategic alternatives under this process include merger, reverse merger, acquisition, licensing, assets sale, business combination, or other strategic transactions. The company has not assured the agreements or transactions as a result of the exploration of strategic alternatives. The company is not expecting to reveal any of the developments under this process unless or until the disclosure is legally required.
Previous Developments of the TTNP stock
In the previous month, TTNP did announce the additional positive data from the ongoing Vivo study of ProNeura®-based implant in 5′-guanidinonaltrindole (5′-GNTI) itch-induced mouse model. The mice who were exposed to high-dose TP-2021 implants showed a significant reduction in scratching behavior. The study team observed no safety issues during this process.
On October 25, 2021, TTNP announced that Bill & Melinda Gates Foundation funded the company to develop HIV preventative therapeutic and contraceptives from a single implant through its proprietary ProNeura® technology. Furthermore, Bill and Melinda Gates Foundation wishes the accessibility of the ProNeura® technology to women and adolescent girls in developing countries.
Agreement between TTNP and MUSC FRD
On October 12, 2021, Titan Pharmaceuticals signed the research and option license agreement with MUSC Foundation for Research Development. The Medical University of South Carolina previously assigned the provisional U.S. patent application to the FRD. Under this agreement, Titan is conducting the research, evaluation, and testing of three tetrapeptide kappa-opioid receptor agonist compounds related to the U.S patent.
Conclusion
Investors are responding positively to the TTNP stock after the recent announcement by the company. It would be interesting to see how long this trend will persist as the stock market is highly unpredictable. From the investment perspective, it is better to analyze the company’s fundamentals and future developments before making any decision.
