In a research report published Friday, Roth Capital analyst Scott Henry reiterated a Buy rating on shares of Titan Pharmaceuticals, Inc. (OTCMKTS:TTNP), while raising the price target to $1.50 (from $1.25) which represents a potential upside of 84% from where the stock is currently trading. The increased price target comes in response to the recent positive phase 3 data on Probuphine (reported in June 2015). The analyst estimates 85% to eventual approval of Probuphine.
Henry wrote, “The driver for our increased price target is a positive adjustment to our approval probability for Probuphine post a positive phase 3 data readout. Probuphine is a 6 month implant for the long-term maintenance treatment of opioid addiction (details on the data in the body of this report). Upping probability of Probuphine approval to 85% from 70%.”
The analyst concluded, “We continue to view shares as undervalued, and we believe that upcoming catalysts could revalue shares higher.”
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 40.2% and a 72.6% success rate. Henry has a 25.6% average return when recommending TTNP, and is ranked #10 out of 3712 analysts.
The 2 analysts polled by TipRanks rate Titan Pharmaceuticals stock a Buy. With a return potential of 38%, the stock’s consensus target price stands at $1.13.