TrovaGene Inc (TROV) shares closed last week on another high note when double-the-average volume resulted in a ten percent gain for the stock. Another spike earlier on Monday led to some modest profit taking, but shares have stabilized and consolidated this week and closed the day Wednesday at $7.23, after a two percent jump. TROV has been steadily on the climb since last summer and has already returned a clean triple in price based on pipeline progress and the pending commercialization of some of its cancer-detecting diagnostics that have proven to detect some strands of cancer through simple urine samples.
This latest move higher is specifically related to an announcement last week that TROV will work in conjunction with the University of Texas MD Anderson Cancer Center to detect transrenal BRAF mutations in the urine of patients with advanced or metastatic cancers. This particular announcement is significant, as already noted, because it could drastically broaden the scope of the cancers detected by TROV's diagnostics, and also because it provides a huge validation of the company's diagnostic technology from the medical community.
The MD Anderson Cancer Center is a big player and highly respected in the field of cancer research and treatment and the new relationship with TrovaGene is not a trivial news item.
2012 was a year of milestone development for TrovaGene as the scientific team was strengthened, new partnerships were signed and the pipeline moved towards commercialization, but 2013 could prove an even more fruitful year for the company after commercialization hits and the collaboration with MD Anderson progresses.
As noted last week, pullbacks and consolidation are not unusual when stocks in this sector move so quickly, but TROV has numerous main acts and side stories going for it right now that new interest could continue to flow in. Although volume has beaten the daily averages of late, there's still not enough to indicate overwhelming widespread interest just yet. Still a hot one to watch.
Disclosure: No position.
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