Titan Pharmaceuticals Inc (TTNP)

[TRUISM]

Roth Ups Titan Pharma Price Target To $1.50
July 17, 2015 by Shane Matte
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Roth Capital Partners has raised its price target on Titan Pharmaceuticals (OTCQB:TTNP) to $1.50 from $1.25. The stock closed at 80 cents on Thursday.

increaseAnalyst Scott Henry writes that the driver for the increased price target is the positive Phase 3 data on Probuphine, which was reported last month. Probuphine is a six-month implant for the long-term maintenance treatment of opioid addiction.

He is targeting an NDA filing for Probuphine early in the fourth quarter this year. “We do not expect any delays to the submission. We further believe an FDA panel is unlikely. We target a six-month priority review with a launch in the first half of 2016.”

Mr. Henry also expects Titan will pursue an up listing to NASDAQ in the coming six months. “The steps likely needed to achieve this would be a reverse stock split (to reach a $4/share minimum price), and also a possible equity raise (to get net shareholder equity value above $4-million from about $4-million currently.”

The annual shareholder meeting is set for August 24, which could start the process on the reverse split, “which we believe is expected already, and could be viewed positive,” he added.



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