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Tag: Progenity

  • Progenity, Inc. (PROG) stock gains, here’s what you should know

    Progenity, Inc. (PROG) stock gains, here’s what you should know

    Progenity, Inc. (PROG) stock gained value in pre-market after they announced the financial statement of their 3rd quarter on 10 November. Progenity, Inc. (PROG) stock saw 4.38% increase reaching to a value of $3.10 in premarket.  The volume of the stock traded was 111.36 Million.

    Milestones achieved in the 3rd quarter of the current financial year:

    • Inclusion of significant patents that will help protecting the therapeutic delivery of the company.
    • This year Progenity, Inc. (PROG) implemented cost reducing measure. These measures are expected to save $145 million annually.
    • Partnership with a large pharmaceutical company that will to evaluate OBDS that is currently under developing.

    Financial Highlights:

    • Revenue for the 3rd quarter was $9.6 million out of which $9.4 million was generated from the operations which were discontinued by the company for some reasons.
    • Expenses were reduced to $30.7 million as compared to the expenses of 2nd quarter which were $36.1 million.
    • Net loss for the 3rd quarter was $43.7 million. Net loss in the 2nd quarter was $78.5 million.
    • Progenity, Inc. (PROG) shares have lost 33.35 in value since the beginning of the year.

    Impact of financial statement announcement on the stock price:

    The Progenity, Inc. (PROG) announced its 3rd quarter financial statement on 10 November 2021. Before the announcement of its financial statements the estimated revision trends for Progenity, Inc. (PROG) were mixed. The impact of the proposed revised estimation as per the company’s just released financial statement. The stock is expected to be in line with the market in the near future.

    What next for the Progenity, Inc. (PROG) stock ?

    Although Progenity, Inc. (PROG) did not performed well in this year. Is this stock still worth investing? Well there is no absolute answer to this question but one thing that investors should look upon is that to keep track of its quarterly earnings. That is one variable for the estimation. The outlook of the Industry has also the huge impact on the share price of a company.

    Conclusion:

    Despite for its unstable trend in the market, the financial report of the Progenity, Inc. (PROG)reveals that the company is planning to expand its operations. Progenity, Inc. (PROG) have managed to half the loss as per the previous quarter, which shows that Progenity, Inc. (PROG) is practically implementing to reduce the expenses. They 4 new patents will help them improve and keep their technology up to date.

  • Progenity Inc. (PROG) Stock Skyrockets as Next Target of Reddit-Driven Meme Stock Phenomenon

    Progenity Inc. (PROG) Stock Skyrockets as Next Target of Reddit-Driven Meme Stock Phenomenon

    Progenity Inc. (PROG) stock prices soared by a massive 28.92% as of the market closing on June 11th, 2021, bringing the price per share up to USD$3.21 at the end of the trading day. Pre-market fluctuations saw the stock surge by another 12.77%, bringing it up to USD$3.62.

    Meme Stock Phenomenon

    The past several trading days have seen the stock market being dominated by the meme stock phenomenon that spurred the GME and AMC developments earlier in the year. In the absence of any significant news or developments, the recent surge in PROG stock prices is likely to be attributable to the coordinated pump by investors who are users of the popular social media platform, Reddit. With a relatively high percentage of shorted shares, at 6.7%, the company is a prime target for Reddit-driven retail investors.

    Private Placement

    Concurrent with the surge in stock price, PROG announced on June 10th, 2021 that it had entered into a definitive securities purchase agreement with two leading healthcare-focused investment funds. The agreement will see the sale of units comprised of shares of common stock and warrants. The stocks are interchangeable with pre-funded warrants to purchase common stock and the warrants are for the purchase of common stock.

    Details of the Placement

    The private placement is expected to result in the generation of gross proceeds amounting to USD$40 million before the deduction of expenses related to the offering. As per the agreement, the closing of the placement will be followed by the issuance of units representing 16,194,332 shares of common stock (or pre-funded warrants. Warrants will also be issues concurrently, which will allow for the purchase of an aggregate of another 16,194,332 shares of common stock.

    Pricing of Placement

    Each unit issues by PROG will consist of one share of common stock, as well as one warrant to purchase one share of common stock. The price of each combined unit has been set at USD$2.47. Each warrant will have an exercise price of USD$2.84 per share with the option to be exercised at any time within 5 years of the issuance.

    Closing of the Placement

    The price per unit was partially determined by the average of the last five closing price of PROG’s common stock on the Nasdaq Global Market. Should the warrants be exercise for cash, the company will see the generation of additional gross proceeds of almost USD$46 million. The closing date of the placement is expected for June 14th, 2021, pending the satisfaction of customary closing conditions.

    Future Outlook for PROG

    Armed with a solid liquidity position from their private placement, as well as the fortuitous surge in value of their equity, PROG is poised to capitalize on the opportunities presented to it. The company is keen to continue its trajectory of success and usher in more organic growth over the long-term. Current and potential investors are hopeful that the management will leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.