Piper Jaffray Remains Sidelined on Trovagene (TROV) Following 2Q Miss
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Piper Jaffray maintained a Neutral rating on TrovaGene (NASDAQ: TROV), and cut the price target to $4.00 (from $5.00), following the company's 2Q earnings report. Trovagene reported revenue of $104K, below the Street' ~$270K. Total revenue consisted of royalty revenue of $48K as well as test revenue of $56K.
Analyst William Quirk commented, "Trovagene reported 2Q16 results with revenue of $104K, missing our $313K estimate (Street: ~$270K). EPS of ($0.34) was unfavorable to consensus of ($0.31). Management highlighted recent presentations at ASCO and AACR as well as data publications on the Trovera test. The team now has 700 sales qualified positions compared to 300 at the end of 2015. Ordering physicians and sample volume doubled qoq. Trovagene continues to have ~160M covered lives. Management reiterated 2016 as a publication year. Additionally, the team's goal is to launch panel tests by the end of 2016. We believe Trovagene’s technology (i.e., detect ctDNA from urine) is a strong competitive advantage, but given the recent upheaval as well as limited visibility to the commercial ramp we remain Neutral with a $4 price target (was $5) based on ~5x FY17E EV/Rev (unchanged). Our lower PT is based on a lower FY17 revenue forecast."
Shares of TrovaGene closed at $5.51 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Earnings
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