Trovagene’s (TROV) Buy Rating Reiterated at Cantor Fitzgerald
Trovagene Inc. (NASDAQ:TROV)‘s stock had its “buy” rating reiterated by investment analysts at Cantor Fitzgerald in a research note issued to investors on Wednesday.
The analysts wrote, “The partnership with Boreal Genomics is an important milestone for the company, in our view. Per the long-term supply and distribution agreement, 1) TROV commits upfront and milestone payments totaling $1M, 2) TROV has global distribution rights in blood and exclusively in urine for least ten years, and 3) TROV and Boreal will form a joint effort to bring the assay kits and systems through the necessary regulatory pathways for approval. Importantly, TROV continues to target the analytical validation of its initial panel by the end of 2016 and plans to launch a series of cancer-specific multigene ctDNA urine and blood panels, in partnership with Boreal, in 2017. For more details on TROV’s commercialization strategy, please see our September 30, 2016 note. The OnTarget platform separates target mutations from the wild-type. In a one-hour process, the sample is injected into a gel matrix containing short oligo probes that are complementary to the target mutations. The temperature is increased to the melting temperature of the target-probe duplex and target mutations are separated by repeated hybridization in an alternating electric field. Target alleles are collected in the extraction chamber, while the wild-type is removed with more than 1M fold enrichment (and as high as 10M fold).””
Other research analysts also recently issued reports about the company. Maxim Group upped their price target on Trovagene from $9.00 to $12.00 and gave the company a “buy” rating in a report on Friday, August 5th. Zacks Investment Research downgraded Trovagene from a “buy” rating to a “hold” rating in a report on Tuesday, September 20th. Finally, Piper Jaffray Cos. set a $4.00 price target on Trovagene and gave the company a “hold” rating in a report on Friday, August 5th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $6.45.
Shares of Trovagene (NASDAQ:TROV) traded down 0.847% during mid-day trading on Wednesday, hitting $2.925. The stock had a trading volume of 314,791 shares. Trovagene has a 12 month low of $2.80 and a 12 month high of $6.95. The company’s market cap is $89.55 million. The stock’s 50-day moving average is $3.64 and its 200 day moving average is $4.61.
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Several hedge funds and other institutional investors have recently bought and sold shares of TROV. First Heartland Consultants Inc. bought a new position in Trovagene during the second quarter valued at approximately $103,000. Wells Fargo & Company MN increased its position in Trovagene by 91.8% in the third quarter. Wells Fargo & Company MN now owns 36,376 shares of the company’s stock valued at $163,000 after buying an additional 17,411 shares during the period. Rhumbline Advisers increased its position in Trovagene by 39.3% in the second quarter. Rhumbline Advisers now owns 39,171 shares of the company’s stock valued at $177,000 after buying an additional 11,044 shares during the period. California State Teachers Retirement System increased its position in Trovagene by 1.0% in the third quarter. California State Teachers Retirement System now owns 59,677 shares of the company’s stock valued at $268,000 after buying an additional 600 shares during the period. Finally, Princeton Capital Management Inc. bought a new position in Trovagene during the second quarter valued at approximately $314,000. 29.53% of the stock is currently owned by hedge funds and other institutional investors.
Trovagene Company Profile
Trovagene, Inc (TrovaGene) is a molecular diagnostic company. The Company focuses on the development and commercialization of a molecular diagnostic technology for use in disease detection and monitoring across a range of medical disciplines. Its primary internal focus is to leverage its cell-free molecular diagnostic platform to facilitate improvements in the field of oncology, while its external focus includes entering into license agreements or collaborations to develop its technology in areas, such as infectious disease, transplant medicine and prenatal genetics.
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