TrovaGene Inc (NASDAQ:TROV), a developer of cell-free molecular diagnostics, announced today that it has entered into an Agreement with Fortified Provider Network (Fortified), a direct-contracted preferred provider network administering benefits nationally for over 4 million covered lives. Based on the agreement, Trovagene’s Precision Cancer Monitoring® (PCM) services are covered as an in-network participating laboratory provider for members of Fortified’s network, which includes self-funded employer groups, insurance carriers and regional and local provider networks that process end-user patient claims.
“Offering the best solutions to our members for their healthcare needs is a key goal at Fortified,” stated Kristin Martin, director of network operations of Fortified Provider Network. “With the significant advances in molecular genetics, particularly as it relates to the diagnosis and treatment of cancer, we are excited to facilitate health benefit access to Trovagene’s Precision Cancer Monitoring service for patients in our network that are fighting cancer.”
“Becoming a Fortified Provider Network member is an important milestone for Trovagene, as we expand the number of covered lives with health insurance access to our Precision Cancer Monitoring technology,” said Matt Posard, chief commercial officer of Trovagene. “We continue to execute on our strategy to commercialize our novel liquid biopsy platform, and we look forward to playing a significant role in improving the care of Fortified’s cancer patients with our non-invasive tests for the detection and monitoring of medically relevant oncogene mutations.” (Original Source)
Shares of TrovaGene jumped nearly 15% in pre-market trading. 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 $4.10 and its 200-day moving average is $5.31.
On the ratings front, TrovaGene has been the subject of a number of recent research reports. In a report issued on February 3, Maxim Group analyst Jason Kolbert reiterated a Buy rating on TROV, with a price target of $12, which implies an upside of 175.9% from current levels. Separately, on February 1, Cantor Fitzgerald’s Bryan Brokmeier reiterated a Buy rating on the stock and has a price target of $10.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Bryan Brokmeier have a total average return of -20.2% and 3.6% respectively. Kolbert has a success rate of 25.9% and is ranked #3634 out of 3637 analysts, while Brokmeier has a success rate of 50.0% and is ranked #738.
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.