Stock Update (NASDAQ:TROV): TrovaGene Inc Announces Public Offering of Common Stock
TrovaGene Inc (NASDAQ:TROV), a developer of cell-free molecular diagnostics, announced that it is offering to sell shares of its common stock in an underwritten public offering. The offering is expected to price on or about July 17, 2015. Trovagene, Inc. Piper Jaffray & Co. and Leerink Partners LLC are acting as joint book-running managers for the offering. (Original Source)
Following the news, shares of TrovaGene are down 1.88% to $9.94 in after-hours trading. TROV has a 1-year high of $13.58 and a 1-year low of $2.97. The stock’s 50-dy moving average is $10.83 and its 200-day moving average is $7.97.
On the ratings front, TrovaGene Inc (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 represents a potential upside of 28.3% from where the stock is currently trading. 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 0.6% and 14.1% respectively. Kolbert has a success rate of 41.3% and is ranked #1944 out of 3707 analysts, while Knight has a success rate of 75.0% 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.