Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) is screaming for the top in the market this morning, squeezing the shorts out of their positions. However, with no press releases or SEC filings out of the company, many are wondering why the stock is flying. Rumors seem to be the catalyst. Here’s what’s going on:
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Rumers Break That PFE Will Take TTNP Over
The gains in Titan Pharmaceuticals this morning seem to be the result of the fact that rumors are breaking surrounding the stock. According to the rumors, Pfizer Inc. (NYSE: PFE) will announce that it is buying TTNP.
While there is a potential takeover, whoever is behind this rumor cut a big hole in their story right from the start. The rumor reads:
CEO Ian Read To Confirm Pfizer (PFE) Intent To Buyout Titan Pharmaceuticals (TTNP) As Probuphine Success Continues, Official PR Coming Prior To Thanksgiving .
However, Ian Read is not the CEO of either of these companies. However, he is an insider at PFE, serving as the company’s executive chairman.
Nonetheless, there may be some truth to this rumor. Probuphine has seen incredible success as of late. At the same time, struggles at TTNP have deminished the stock’s price, bringing it down to a very appealing price for a potential acquisition of the company.
So, I’m not going to say that an acquisition isn’t going to happen. However, the rumors issued this morning seem to be invalid.
The Rumor Triggered A Short Squeeze
Regardless of whether or not the rumor surrounding the potential PFE buyout of TTNP are true, there’s one thing that we know for a fact. The shorts are losing their shorts. With the uptick in stock price, those who have shorted Titan Pharmaceuticals are racing to cover their positions, and given the heavy short interest on the stock, there’s plenty more room for this short squeeze to run.
However, it’s important to keep in mind that short squeezes can reverse directions quickly. As such, if you don’t have experience trading these types of moves, be very careful as they can lead to significant losses.
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The Bottom Line
The bottom line here is simple. Investors are hoping that Titan Pharmaceuticals will be taken over by Pfizer. Regardless of whether or not a takeover takes place, a short squeeze is creating a compelling opportunity.
Nonetheless, if you’re going to trade this move, do so with caution to reduce chances of significant losses.
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