Titan Pharma (TTNP) Bullish-Reaction to Probuphine FDA-Approval; Veeva Systems (VEEV) Beats Wall Street Consensus

Titan_Pharmaceuticals_TTNP

Titan Pharmaceuticals Inc. (Nasdaq:TTNP) stock surged $0.09 (or +1.29%) to $7.07 and 1,697,499 of its shares exchanged hands on Thursday’s trading session

After the closing bell, the U.S. Food and Drug Administration (FDA) said that it has approved Probuphine (developed by Titan Pharma) – the first buprenorphine implant – to treat opioid addiction in patients who are already stable on low-to-moderate doses of other forms of buprenorphine

The FDA approval of the subdermal implant triggered a $15 million milestone payment for Titan Pharma, as part of a licensing and commercialization deal between the company and Braeburn Pharmaceuticals. Titan Pharma also will receive double-digit tiered royalties and up to $165 million based on the achievement of pre-determined product sales milestones

Shares of Titan Pharmaceuticals soared over 20% in late trade, following the FDA’s announcement

Titan Pharmaceuticals, which develops proprietary therapeutics for the treatment of serious medical disorders in the U.S., has 20.08M Shares Outstanding, Market Capitalization (intraday) of $142.00M and TTNP stock 52-week range is between $2.57 and $10.00 per share

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Veeva_Systems_VEEV

Veeva Systems Inc. (NYSE:VEEV) shares climbed more than 9% in after-hours trading Thursday as the company delivered better-than-expected quarterly financial results

For its first quarter fiscal 2017, Veeva posted revenues of $119.8 million, a 33% increase year over year, and non-GAAP net income of $21.2 million, or $0.15 per diluted share versus a non-GAAP net income of  $17.1 million, or $0.12 earnings per diluted share in the same quarter the prior year, topping the Capital IQ Consensus Estimate of $0.11 earnings per share on revenues of $115.52 million for the period

According to its business outlook for the next fiscal quarter, the company expects revenues to be in the range of $125.5 million to $127.0 million and non-GAAP net income of $0.13 perdiluted share

VEEV stock closed the regular session at $29.76, down $0.13 (or -0.43%) with a total volume of 1,568,533 shares traded

Veeva Systems, which provides industry cloud software and data solutions for the life sciences industry, has 96.42M Shares Outstanding, Market Capitalization (intraday) of $4.16B and VEEV stock one-year range is from $19.97 to $30.00 per share

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