Trovagene’s (TROV) Buy Rating Reiterated at Cantor Fitzgerald
Trovagene Inc. (NASDAQ:TROV)‘s stock had its “buy” rating reissued by equities researchers at Cantor Fitzgerald in a report released 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).””
Several other brokerages have also issued reports on TROV. Zacks Investment Research lowered Trovagene from a “buy” rating to a “hold” rating in a research report on Tuesday, September 20th. Maxim Group reaffirmed a “buy” rating and set a $9.00 target price on shares of Trovagene in a research report on Thursday, October 6th. Finally, Piper Jaffray Cos. set a $4.00 target price on Trovagene and gave the company a “hold” rating in a research report on Friday, August 5th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Trovagene has an average rating of “Hold” and a consensus price target of $6.45.
Shares of Trovagene (NASDAQ:TROV) traded down 0.847% on Wednesday, hitting $2.925. The company had a trading volume of 314,791 shares. The company has a 50 day moving average price of $3.64 and a 200 day moving average price of $4.61. The firm’s market capitalization is $89.55 million. Trovagene has a 1-year low of $2.80 and a 1-year high of $6.95.
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Several hedge funds and other institutional investors have recently bought and sold shares of the company. 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 last quarter. Rhumbline Advisers increased its position in Trovagene by 1.7% in the third quarter. Rhumbline Advisers now owns 39,841 shares of the company’s stock valued at $179,000 after buying an additional 670 shares during the last quarter. Northern Trust Corp increased its position in Trovagene by 1.0% in the third quarter. Northern Trust Corp now owns 312,732 shares of the company’s stock valued at $1,404,000 after buying an additional 2,978 shares during the last quarter. BlackRock Investment Management LLC increased its position in Trovagene by 5.6% in the second quarter. BlackRock Investment Management LLC now owns 113,232 shares of the company’s stock valued at $513,000 after buying an additional 5,964 shares during the last quarter. Finally, Princeton Capital Management Inc. increased its position in Trovagene by 22.2% in the third quarter. Princeton Capital Management Inc. now owns 84,670 shares of the company’s stock valued at $380,000 after buying an additional 15,400 shares during the last quarter. Institutional investors own 29.53% of the company’s stock.
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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