Roth Capital analyst Scott Henry came out with a favorable report on Titan Pharmaceuticals, Inc. (OTCMKTS:TTNP), maintaining a Buy rating on the stock with a price target of $1.25. The report came in response to the positive results, reported by the company, for its phase 3 trial comparing the 6-month Probuphine implant to standard of care for the long-term maintenance treatment of opioid addiction.
Henry noted, “Among secondary endpoints, we highlight that the # of subjects with all six months testing negative for urines with no evidence of illicit opioid use was significantly higher in the Probuphine arm (88%) than the sublingual buprenorphine/ naloxone arm (72%), (p=0.008). We believe that this superiority affirms the robustness of the data.” Furhermore, “We further note that the results were robust with secondary endpoints favoring Probuphine. Preliminarily, a positive shift in approval probability to 90% from 70% would increase our price target by $0.25 – $0.50/share.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Scott Henry has a total average return of 30.5% and a 68.2% success rate. Henry has a 43.4% average return when recommending TTNP, and is ranked #34 out of 3612 analysts.