Shares of Talon Therapeutics (OTC: TLON) exchanged hands today faster than the opening day at the World Series of Poker. Despite trading over 1.3 million shares, more than twice the average daily volume, the stock ended the day exactly where it did yesterday at $1.71. The high for the day was just a penny higher than the closing price while the low print happened in early trading when the stock traded for $1.55. As they say, a lot of motion for going nowhere.
After a two-month-long run that saw the stock more than double from $0.75 and touch a new annual high a few days ago at $1.75, who could blame traders for staying in place ahead of the weekend? Since the beginning of the year when the stock hit its 52-week low at $0.40, Talon Therapeutics shares have moved over 300% in a positive direction.
Just before the close of trading for the week, CEO Steven Dietcher said the company’s experimental blood-cancer treatment based on a compound from the periwinkle flower is attracting some potential partners and buyers. The news may have given the stock a boost in the afternoon trading. The company expects to hear from the US Food and Drug Administration on August 12 concerning the approval of Marqibo for the treatment of blood cancers. An approval would give Talon Therapeutics its first commercial product. What will traders do in the meantime?
On Wednesday, The Stock Wizard promoted the stock on Stockpromoters.com. The Stock Wizard put the stock on its watch list. The promoter was not compensated. A total of five promotions can be viewed on Stockpromoters.com. The Stock Wizard also had some comments a few weeks ago that can be read on Stockreads.com.
Talon Therapeutics is a bipharmaceutical company focused on developing and commercializing cancer therapies. The company is developing a drug by the name of Marqibo for treating acute lymphoblastic leukemia and other blood cancers. Talon is also developing a lotion for the prevention and treatment of skin toxicity.