Stock Update (NASDAQ:TTNP): Here’s Why Titan Pharmaceuticals, Inc. Shares Climbed 9%
Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) partner Braeburn Pharmaceuticals announced that the Centers for Medicare & Medicaid Services (CMS) has granted a Healthcare Common Procedure Coding System (HCPCS) code, or permanent J-code, for Probuphine, the first and only six-month buprenorphine implant for the maintenance treatment of opioid addiction. The new J-code (J0570) became effective January 1, 2017 and coincides with the activation of a new field force to drive the next phase of Probuphine adoption.
Reacting to the news, Titan Pharmaceuticals shares are up nearly 9% to $4.45 in early trading Friday. TTNP has a 1-year high of $8.74 and a 1-year low of $2.57. The stock’s 50-day moving average is $4.29 and its 200-day moving average is $5.02.
“With patients and providers urgently needing access to evidence-based treatment for opioid addiction, we are pleased that CMS granted a J-code for Probuphine,” said Behshad Sheldon, President and CEO, Braeburn Pharmaceuticals. “We anticipate that the new code and our expanded commercial team will advance adoption of Probuphine and broaden access for appropriate patients with opioid use disorder.”
HCPCS codes are used by healthcare professionals to identify services and procedures for which they bill public or private health insurance programs. The codes included in the HCPCS set, which is based on the American Medical Association’s Current Procedural Terminology, are maintained by CMS and universally accepted by all payers.
On the ratings front, Roth Capital analyst Scott Henry reiterated a Buy rating on TTNP, with a price target of $10, in a report issued on November 9. According to TipRanks.com, Henry has a yearly average loss of 1.9%, a 41% success rate, and is ranked #3733 out of 4342 analysts.
Pro-Titan Pharmaceuticals, Inc. is a biopharmaceutical company, which engages in developing proprietary therapeutics primarily for the treatment of serious medical disorders. It uses proprietary long-term drug delivery platform ProNeura and focuses primarily on innovative treatments for select chronic diseases.