Market Overview

Cantor Fitzgerald Upgrades Trovagene To Buy, Bullish On Clinical Business

Cantor Fitzgerald Upgrades Trovagene To Buy, Bullish On Clinical Business
Related TROV
8 Biggest Price Target Changes For Monday
Mid-Afternoon Market Update: Dow Tumbles 1%; Nordstrom Shares Down Following Earnings Miss

TrovaGene Inc’s (NASDAQ: TROV) urine-based technology allows for a differentiated approach to cancer detection and monitoring, positioning the company to be “a key player in the cancer diagnostics market,” Cantor Fitzgerald’s Bryan Brokmeier said in a report. He maintained a Buy rating on the company, while raising the price target from $5 to $7.

Trovagene reported its 2Q16 total revenue at $0.10 million, below the consensus expectation of $0.30M. GAAP loss per share came in at $0.34, missing the consensus estimate of a loss per share of $0.31.

Clinical Business Accelerates

Trovagene increased the number of physicians on the platform to about 700 in 2Q16, from 550 at the end of the prior quarter. Billable samples grew about 100 percent to an estimated 400, while the number of tests that were reimbursed also increased by an estimated 300 percent, analyst Bryan Brokmeier mentioned.

Related Link: Trovagene Reports Q2 EPS $(0.34) vs $(0.31) Est., Sales $104K vs $270K Est.

“Though clinical testing revenue is still relatively small, we expect it to continue accelerating, driven by the expanded salesforce, recently presented clinical validation data, and the company’s focus on EGFR mutations in lung cancer,” Brokmeier wrote.

Trovagene is targeting new biopharma agreements, which may provide new paths to revenue growth as well as potential catalysts in the back half of this year, the analyst stated.

Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!

Latest Ratings for TROV

Aug 2016Cantor FitzgeraldUpgradesHoldBuy
Apr 2016Cantor FitzgeraldDowngradesBuyHold
Apr 2016Leerink SwannDowngradesOutperformSector Perform

View More Analyst Ratings for TROV
View the Latest Analyst Ratings

Posted-In: Analyst Color Biotech Long Ideas Health Care Price Target Reiteration Analyst Ratings Trading Ideas Best of Benzinga


Related Articles (TROV)

View Comments and Join the Discussion!