Progenity (NASDAQ:PROG) Trading Down 8.1%


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Progenity, Inc. (NASDAQ:PROG)’s share price dropped 8.1% during mid-day trading on Tuesday . The company traded as low as $5.25 and last traded at $5.56. Approximately 575,406 shares were traded during trading, a decline of 9% from the average daily volume of 634,900 shares. The stock had previously closed at $6.05.

PROG has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Progenity from a “hold” rating to a “buy” rating and set a $6.00 price target on the stock in a report on Wednesday, January 20th. Piper Sandler cut their target price on Progenity from $15.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, January 14th. Wells Fargo & Company cut Progenity from an “overweight” rating to an “underweight” rating and set a $5.00 target price on the stock. in a report on Monday, February 8th. Finally, Raymond James lowered their price target on Progenity from $15.00 to $10.00 and set an “outperform” rating for the company in a research report on Tuesday, November 10th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $9.17.

The firm has a 50-day moving average price of $6.10 and a 200-day moving average price of $6.74.

In other news, CEO Harry Stylli acquired 152,905 shares of the firm’s stock in a transaction that occurred on Wednesday, December 2nd. The stock was bought at an average price of $3.27 per share, with a total value of $499,999.35. Following the acquisition, the chief executive officer now owns 14,616,874 shares in the company, valued at approximately $47,797,177.98. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Athyrium Capital Management, L acquired 4,128,440 shares of the firm’s stock in a transaction that occurred on Monday, December 7th. The stock was purchased at an average cost of $3.27 per share, with a total value of $13,499,998.80. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 4,365,215 shares of company stock valued at $14,356,949. Insiders own 80.60% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. increased its holdings in Progenity by 166.8% in the 3rd quarter. BlackRock Inc. now owns 160,103 shares of the company’s stock worth $1,445,000 after acquiring an additional 100,103 shares during the last quarter. Squarepoint Ops LLC bought a new position in Progenity in the 3rd quarter worth about $133,000. New York State Common Retirement Fund bought a new position in Progenity in the 3rd quarter worth about $55,000. Dupont Capital Management Corp bought a new position in Progenity in the 3rd quarter worth about $338,000. Finally, State Street Corp bought a new stake in shares of Progenity during the 3rd quarter valued at about $286,000. 17.08% of the stock is owned by institutional investors.

Progenity Company Profile (NASDAQ:PROG)

Progenity, Inc, a biotechnology company, provides complex molecular and specialized testing services to physicians, clinicians, and their patients in the United States. It offers testing services for common hereditary disorders, cystic fibrosis, spinal muscular atrophy, fragile X syndrome, and Jewish genetic diseases; pan-ethnic carrier screening services; non-invasive prenatal, miscarriage, and pharmacogenetic testing services; and ovarian assessment reports for women.

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