DB Alex Brown downgraded Titan Pharmaceutical (TTP ) to buy from strong buy.
Analyst Dennis Harp says Novartis is conducting additional clinical trails on once-daily dosing of Zomaril prior to filing; Novartis expects filing for approval by year-end 2002, launch in early 2004. Harp believes the near-term dearth of additional information on Zomaril will place downward pressure on Titan's shares, hence, he's now less bullish on stock at this time.
Nonetheless, Harp remains highly confident Zomaril could achieve sales of $750 million by 2005, and believes Titan has sufficient reserves to reach profitability. He cut the $53 12-month target to $29.