TrovaGene Inc (NASDAQ: TROV) is flying in the market today, following up on the gains that we saw from the stock late in the week. The gains are ultimately the result of a strong fourth quarter performance.
As you can imagine, the strong performance is exciting investors, who continue to push the stock up. Today, we’ll talk about:
- The report;
- what we’re seeing from TROV stock in the market; and
- what we’ll be watching for ahead.
TROV Heads Up On Quarterly Performance
As mentioned above, TorvaGene is having yet another strong day in the market after climbing on Friday as a result of a strong quarterly performance. The part of the report that seemed to really excite investors had to do with the company’s work in AML.
Currently, TROV is working on a combination treatment that combines its flagship candidate, onvansertib, with standard-of-car chemotherapy. To date, the treatment has demonstrating a strong safety and tolaerability profile. Moreover, the treatment is showing activity in more than 88% of evaluable patients to date.
The company also informed investors that it received a study may proceed notification from the FDA in January. The notification surrounded the company’s Phase 1b/2 trial in mCRC. As a result of the notification, the company expects to begin enrollment in the middle of this year.
From a financial perspective, the company reported revenue of $78,000 and losses of $1.09 per share. Analysts expected to see a loss of $1.05 per share, but with the positive clinical update, investors don’t seem to mind the slight miss here.
In a statement, Dr. Thomas Adams, Chairman and CEO at TROV, had the following to offer:
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.
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.
Sure, earnings were a miss, but the strong progress the company is making in the development of Onvansertib is overwhelmingly exciting. So, it comes as no surprise that investors continue to push the stock up in the market this morning.
As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:22), TROV is trading at $5.36 per share after a gain of $0.56 per share or 11.67% 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 story surrounding the company’s continued work to bring onvansertib to market as the treatment is yielding incredibly promising results. Nonetheless, we’ll keep a close eye on the story and bring the news to you as it breaks!
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