TrovaGene (TROV) Stock: Here’s Why It’s Climbing

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TrovaGene Inc (NASDAQ: TROV) has been on a run for the top as of late, and for good reason. The company recently released its results for the fourth quarter and full year, outlining several key milestones that were achieved in the year 2018.

As you could imagine, the news excited investors, sending the stock on a run for the top. Today, we’ll talk about:

  • Recent milestones that are exciting investors;
  • what we’re seeing from TROV stock as a result; and
  • what we’ll be watching for ahead.

TROV Excites Investors With 2018 Results

As mentioned above, TrovaGene is having an incredibly strong day in the market today, following up on the recent gains that we’ve seen from the stock. The gains come after the company issued its Q4 and full year results, showing strong progress and that it has achieved several key milestones. Here are the milestones that the company achieved:

  • On February 14, 2019, the company announced the presentation of updated Phase 2 Onvansertib data. The company also reminded investors athat a second arm of the trial is planned.
  • On January 29, 2019, TROV announced an agreement with PoC Capital to fund the development of Onvansertib as an option for metastatic Colorectal cancer.
  • On January 23, 2019, the company announced that it has received a new patent for the combination of Advansertib and Ant-Androgen Drugs as a treatment for non-metastatic and metastatic prostate cancer.
  • On December 3, 2019, the company announced new data from a phase 1b/2 Study of Onvansertib in Combination with LDAC or Decitabine. The data demonstrated a response to treatment in relapsed or refractory AML.
  • On October 24, 2018, the company announced a new patent entitled “Nucleophosmin Protein Mutants, Corresponding Gene Sequences and Use Therof.”
  • On October 3, 2018, the company announced an exclusive license agreement with MIT for conbiation therapy in prostate cancer.
  • On September 27, 2018, the company announced the completion of dosing in a Phase 1b/2 AML trial.
  • On September 5, 2018, the company announced a predictive clinical biomarker approach to identify AML patients that are most likely to respond to Onvansertib.
  • On August 29, 2018, the company announced that the EC endorsed a positive opinion of the Committee for Orphan Medical Products and had granted Orphan Drug Designation for onvansertib.
  • On August 16, 2018, the company announced the completion of the second dosing cohort of onvansertib in its Phase 1b/2 clinical trial.

Financial Results 

  • In the report, TROV said that operating expenses came to $4.2 million in the fourth quarter, up $0.2 million year over year. Net cash used in operating activities for the quarter came in at $3.6 million.
  • Research and development costs came to $2.5 million.
  • Selling, general and administrative expenses fell by $0.02 million, coming in at $1.7 million.
  • Finally, as of the end of the first quarter, the company had $11.5 million in cash on hand.

In a statement, Dr. Thomas Adams, CEO and Chairman at TROV, had the following to offer:

We are pleased with the progress we are making in the clinical development of onvansertib for the treatment of cancers and indications where there is a significant need to bring new therapeutic options to physicians and their patients – Acute Myeloid Leukemia (AML), metastatic Castration-Resistant Prostate Cancer (mCRPC) and metastatic Colorectal Cancer (mCRC).

Our AML trial continues to advance and data shows that the combination of onvansertib and standard-of-care chemotherapy is demonstrating both a favorable safety profile and showing activity in greater than 88% of evaluable patients treated to-date, which is very encouraging. In January, we received a “study may proceed” notification from the FDA for our Phase 1b/2 trial in mCRC and expect that enrollment in this trial, which is being funded by PoC Capital, will begin mid-year. We anticipate having data readouts from our Phase 2 trial in mCRPC throughout 2019, and recently presented a poster at the Genitourinary Cancers Symposium (ASCO-GU), overviewing the trial and confirming the safety of the combination of onvansertib and Zytiga®. We will also be presenting safety and preliminary clinical data from our Phase 1b/2 trial in AML and Phase 2 trial in mCRPC at the American Association for Cancer Research (AACR) annual conference in early April, 2019.”

We achieved a number of key milestones in 2018, including: Successful completion of the first three dose levels, without any dose-limiting toxicities, in the Phase 1b segment of our AML trial; granting of Orphan Drug Designation in Europe for the treatment of AML; presentation of preliminary clinical data from our AML trial at the American Society of Hematology (ASH) conference in December; opening of our mCRPC Phase 2 trial to full enrollment, following confirmation that the combination of onvansertib and Zytiga® is safe and well tolerated in the safety lead-in phase; submission of a new IND and protocol for our Phase 1b/2 trial in mCRC in December; strengthening of our patent portfolio around our drug candidate, onvansertib, with the issuance of two new patents; and entering into an exclusive license agreement with MIT to develop combination therapies that include anti-androgen or androgen antagonist and a Polo-like Kinase (PLK) inhibitor (onvansertib) for the treatment of cancer.

What We’re Seeing From The Stock 

One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to TrovaGene, the news proved to be overwhelmingly positive.

First and foremost, the advancements made in the fourth quarter with Onvansertib have been impressive. Moreover, financial data shows that the company is well positioned with cash on hand to make it through several upcoming catalysts.

Considering this, it’s not surprising to see that excited investors are pushing the stock up. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:16), TROV is trading at $6.58 per share after a gain of $2.45 per share or 59.32% thus far today.

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What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will continue to keep a close eye on TROV. In particular, we’re interested in following the continued work to advance Onvansertib across several indications as the treatment seems to be yielding positive results. Nonetheless, we’ll continue to follow the story clsoely and bring the news to you as it breaks!

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