UPDATE: Aegis Capital Reiterates on TrovaGene Ahead of 3Q 2013 Earnings Report

In a report published Wednesday, Aegis Capital analyst Raghuram Selvaraju reiterated a Buy rating on TrovaGene (NASDAQ: TROV), but lowered the price target from $14.00 to $10.00.

In the report, Aegis Capital noted, “In advance of Trovagene's earnings report due out later this week, we have revised our revenue assumptions to more accurately reflect the current molecular diagnostics sector market environment, in which sales uptake is driven primarily by the securing of positive reimbursement status. While we remain confident in Trovagene's ability to generate highly accurate data with its sensitive molecular diagnostic tests, in the near-term we believe sales are likely to be muted as the firm focuses on producing additional accuracy verification data with its academic collaborators, broadening its pharmaceutical partnership network, and securing publication of data with its tests in high impact factor, peer-reviewed scientific and clinical journals. Our revenue projections thus fall from $2mm to $0.5mm in 2013 and from $17.4mm to $4.6mm in 2014. We are reiterating our Buy rating and adjusting our 12-month price target from $14.00 to $10.00 per share.”

TrovaGene closed on Tuesday at $5.68.