TrovaGene Inc (NASDAQ:TROV), a developer of cell-free molecular diagnostics, announced that it has entered into an agreement with FedMed, Inc. (FedMed) establishing health benefit access to Trovagene’s full line of Precision Cancer Monitoring℠ (PCM) tests and services. Under the agreement, Trovagene’s PCM services are covered as a participating laboratory testing provider for clients of FedMed, which include major health insurers such as Aetna, Cigna and Humana, and encompasses over 550,000 in-network physicians nationwide.
A molecular diagnostics company with unique intellectual property around the discovery that DNA and RNA, present in urine, can be diagnostic of cancer and infectious disease.
“A major focus of FedMed is to provide innovative solutions for the healthcare community, particularly in areas such as cancer, where there is a high need to improve patient care and deliver that care in an efficient manner,” said Brian Moffitt, chief operating officer of FedMed. “In line with our core strategy, we are extremely pleased to offer Trovagene’s non-invasive, clinically actionable tests and services to oncologists and their patients within our national provider network.”
“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.” (Original Source)
Shares of TrovaGene Inc closed last Friday at $3.64 . TROV has a 1-year high of $13.58 and a 1-year low of $2.85. The stock’s 50-day moving average is $4.72 and its 200-day moving average is $5.81.
On the ratings front, TrovaGene has been the subject of a number of recent research reports. In a report issued on January 19, Cantor Fitzgerald analyst Bryan Brokmeier reiterated a Buy rating on TROV, with a price target of $10, which implies an upside of 174.7% from current levels. Separately, on October 27, Maxim Group’s Jason Kolbert maintained a Buy rating on the stock and has a price target of $13.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Bryan Brokmeier and Jason Kolbert have a total average return of 6.5% and -20.8% respectively. Brokmeier has a success rate of 46.9% and is ranked #612 out of 3622 analysts, while Kolbert has a success rate of 24.2% and is ranked #3620.
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.