Company Update (NASDAQ:TROV): TrovaGene Inc Announces Pricing of Public Offering of Common Stock
TrovaGene Inc (NASDAQ:TROV), a developer of cell-free molecular diagnostics, today announced the pricing of an underwritten public offering of 4,000,000 shares of its common stock. The gross proceeds to Trovagene from this offering are expected to be $35 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Trovagene. The offering is expected to close on or about July 22, 2015, subject to customary closing conditions. Trovagene has also granted to the underwriters a 30-day option to purchase from it up to an additional 600,000 shares of its common stock.
Trovagene intends to use the net proceeds from this offering to fund its research and development activities and for working capital and other general corporate purposes. (Original Source)
Shares of TrovaGene closed yesterday at $10.13. TROV has a 1-year high of $13.58 and a 1-year low of $2.97. The stock’s 50-day moving average is $10.80 and its 200-day moving average is $7.99.
On the ratings front, TrovaGene has been the subject of a number of recent research reports. In a report issued on July 8, Maxim Group analyst Jason Kolbert reiterated a Buy rating on TROV, with a price target of $13, which implies an upside of 28.3% from current levels. Separately, on April 2, Janney Montgomery Scott’s Paul Knight assigned a Buy rating to the stock and has a price target of $11.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Paul Knight have a total average return of 1.4% and 14.0% respectively. Kolbert has a success rate of 42.3% and is ranked #1585 out of 3712 analysts, while Knight has a success rate of 83.3% and is ranked #1165.
TrovaGene Inc is a development stage molecular diagnostic company. It focuses on the development and marketing of urine-based nucleic acid tests for patient/disease screening and monitoring.