Shares of TrovaGene Inc (NASDAQ:TROV) are soaring this morning after the company announced that they have reached an agreement with FedMed, Inc. which establishes health benefit access to the company’s line of Precision Cancer Monitoring tests and services. TrovaGene services will now be covered by FedMed clients including several large health insurance companies like Cigna, Humana, and Aetna. It represents coverage by over 550,000 physicians throughout the United States, and should bring in significant income for the company.
“FedMed is among the largest national provider networks in the country, and this agreement is an important step in our ability to offer oncologists and their patients access to our liquid biopsy testing services through their health benefit plans,” said Matt Posard, chief commercial officer of Trovagene. “We’re very pleased with the positive response we are receiving from national provider networks, validating our decision to design the PCM platform to report on clinically actionable cancer genes that can translate into clear use scenarios and better reimbursement outcomes. We remain committed to creating a strong foundation of studies demonstrating the multiple clinical utilities of our technology, which we believe will broaden health insurance coverage and patient access this year.”
The stock is up 14.01% or $0.51 following the news, hitting $4.15 per share. About 338,705 shares traded hands. TROV has declined 59.73% since June 25, 2015 and is downtrending. It has underperformed the S&P500 by 52.03%.
From a total of 2 analysts covering TrovaGene (NYSE:TROV) stock, 2 rate it a “Buy”, 0 a “Sell”, and 0 a “Hold”. This means that 100% of the ratings are positive. TrovaGene was the topic of 2 analyst reports since August 14, 2015 according to the firm StockzIntelligence Inc. Cantor Fitzgerald initiated shares on September 16 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 $123.35 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.