Shares of TrovaGene Inc (NASDAQ:TROV) are up big this morning after the company has announced that they have reached an agreement with America’s Choice Provider Network (ACPN) to provide health insurance access to their suite of (ct)DNA Precision Cancer Monitoring tests and other services. This is huge news for TrovaGene, as the agreement now provides in-network coverage for approximately 22 million people, and their tests will be covered by over 1700 payers in North America.
“We are pleased that ACPN has agreed to provide coverage for Trovagene’s PCM full offering of ctDNA products,” said Matt Posard, chief commercial officer of Trovagene. “Our commercial plan is on track to provide national sales coverage, and ACPN is the first of several additional contracts expected this year. In support of our commercialization program, we are creating a strong foundation of data from our clinical studies and manuscript publications demonstrating the medically actionable use of Trovagene’s liquid biopsy platform in the treatment of cancer.”
It should be interesting to see if other agreements follow this one, and the type of movement this causes for shares of TrovaGene Inc (NASDAQ:TROV) this week, as the stock is already up significantly today. The stock is up 25.97% or $0.87 following the news, hitting $4.22 per share. About 2.51 million shares traded hands or up 553.96% from the average. TROV has declined 71.83% since June 16, 2015 and is currently downtrending. It has underperformed the S&P500 by 62.96%.
From a total of 2 analysts covering TrovaGene (NASDAQ:TROV) stock, 2 rate it a “Buy”, 0 a “Sell”, and 0 a “Hold”. This means that 100% of the ratings are positive. The highest target price is $10 while the lowest target price is $8. The mean of all analyst targets is $9 which is 113.27% above today’s ($4.22) stock price. TrovaGene was the topic of 3 analyst reports since August 14, 2015 according to the firm StockzIntelligence Inc. Cantor Fitzgerald initiated shares on September 15 with a “Buy” rating.
The institutional sentiment decreased to 1.33 in Q2 2015. It’s down 2.74, from 4.07 in 2015Q2. The ratio turned negative, as 20 funds sold all their TrovaGene Inc shares they owned while 10 reduced their positions. 10 funds bought stakes while 30 increased their total positions. Institutions now own 9.53 million shares which is 45.42% less than the previous share count of 17.47 million in 2015Q2.
Morgens Waterfall Vintiadis & Co Inc holds 2.48% of its total portfolio in TrovaGene Inc, equating to 790,000 shares. Bridger Management Llc owns 3.29 million shares representing 1.28% of their total US portfolio. Moreover, Messner & Smith Theme Value Investment Management Ltd Ca has 0.43% of their total portfolio invested in the company, equating to 38,400 shares. The Texas-based Prospera Financial Services has a total of 0.21% of their portfolio invested in the stock. Turner Investments L.P., a Pennsylvania-based fund reported 185,630 shares owned.
Trovagene, Inc. is a development-stage molecular diagnostic firm that focuses on the development and commercialization of urine cell-free molecular diagnostic technology for use in disease detection and monitoring across a variety of medical disciplines. The company has a market cap of $125.43 million. The Company’s primary internal focus is to leverage its urine molecular diagnostic platform to facilitate improvements in the field of oncology, while its external focus includes entering into collaborations to develop its technology in areas, such as infectious disease, transplant medicine and prenatal genetics. It currently has negative earnings. The Company’s cell-free BRAF test confirms the presence of a BRAF V600E mutation in urine DNA at levels of greater than or equal to 0.03% in comparison to the wild-type BRAF genes.