H.C. Wainwright Shares Two Cents on TrovaGene Inc (TROV) Following Positive Clinical Update

Binary events in healthcare can be key determinants of stock price performance. These can be especially relevant to investors seeking opportunity that is less correlated to the broader market. Case in point: TrovaGene Inc (NASDAQ:TROV) shares skyrocketed nearly 35% yesterday, after the drug maker reported that a first patient has successfully completed cycle 1 of treatment with PCM-075 in combination with low-dose cytarabine (LDAC) in the Phase 1b/2 trial in patients with AML.

In reaction, H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on TROV, with a $1.00 price target, which implies an upside of 170% from current levels. (To watch Selvaraju’s track record, click here)

Selvaraju commented, “In our view, these early observations are encouraging and suggest the potential activity of PCM-075 on leukemic cells. We note that the trial is slated to test three patients for each dose, according to the protocol, and the dose is to be escalated in successive cohorts until maximum tolerated dose (MTD) is reached. This trial has six clinical sites open and actively screening and enrolling patients, with additional sites planned to be activated by the end of the current quarter. Investors may recall that PCM-075 is an oral Polo-like kinase 1 (PLK1) selective inhibitor that may treat multiple hematological malignancies and solid tumors. The combination of PCM-075 and LDAC may provide a new treatment option for AML patients who are ineligible for intensive induction therapy, or who have relapsed or refractory disease. We expect Phase 1b data to be available around mid-2018. The Phase 2 portion could start in 2H 2018 and primary efficacy readout could occur in 2019.”

Out of the 3 analysts polled by TipRanks (in the past 12 months), 1 rates TrovaGene stock a Buy (H.C. Wainwright), 1 issues a Hold (Maxim), and one recommends a Sell (Piper Jaffray). With a return potential of 103%, the stock’s consensus target price stands at $0.75.


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