Progenity Inc. [NASDAQ: PROG] closed the trading session at $4.73 on 12/11/20. The day’s price range saw the stock hit a low of $4.07, while the highest price level was $4.88. The company report on December 8, 2020 that Progenity Announces Closing of the Convertible Senior Notes Offering and Partial Exercise of the Initial Purchaser’s Option to Purchase Additional Notes.
Progenity, Inc. (NASDAQ: PROG), a biotechnology company with an established track record of success in developing and commercializing molecular testing products, announced the closing of its offering of $85,525,000 aggregate principal amount of 7.25% convertible senior notes due 2025 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The notes issued include $10,525,000 principal amount of notes issued pursuant to the partial exercise by the initial purchaser of an option to purchase additional notes.
Certain entities affiliated with Athyrium Capital Management, LP (“Athyrium”), an affiliate of Progenity, have acquired $103.5 million in aggregate principal amount of notes, consisting of $25.0 million principal amount of notes to be purchased for cash in the offering and, pursuant to a separate exchange agreement, an additional $78.5 million principal amount of notes issued in exchange for the discharge of amounts outstanding under Progenity’s credit and security agreement with an affiliate of Athyrium.
The stocks have a year to date performance of -63.95 percent and weekly performance of 44.65 percent. The stock has performed 0.21 percent around the most recent 30 days and changed -49.95 percent over the most recent 3-months.
If compared to the average trading volume of 300.62K shares, PROG reached to a volume of 4056000 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Progenity Inc. [PROG]:
BTIG Research have made an estimate for Progenity Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on October 23, 2020. While these analysts kept the previous recommendation, Wells Fargo raised their target price to Overweight. The new note on the price target was released on July 14, 2020, representing the official price target for Progenity Inc. stock. Previously, the target price had yet another raise to $12, while Robert W. Baird analysts kept a Outperform rating on PROG stock.
The Average True Range (ATR) for Progenity Inc. is set at 0.45, with the Price to Sales ratio for PROG stock in the period of the last 12 months amounting to 2.69.
PROG stock trade performance evaluation
Progenity Inc. [PROG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 44.65.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PROG stock in for the last two-week period is set at 53.04, with the RSI for the last a single of trading hit 68.58, and the three-weeks RSI is set at 47.43 for Progenity Inc. [PROG]. The present Moving Average for the last 50 days of trading for this stock 5.89, while it was recorded at 3.82 for the last single week of trading.
Progenity Inc. [PROG]: An insightful look at the core fundamentals
Operating Margin for any stock indicates how profitable investing would be, and Progenity Inc. [PROG] shares currently have an operating margin of -97.31 and a Gross Margin at +30.21. Progenity Inc.’s Net Margin is presently recorded at -102.81.
Return on Total Capital for PROG is now -1,109.06, given the latest momentum, and Return on Invested Capital for the company is -1,283.32.
Receivables Turnover for the company is 9.30 with a Total Asset Turnover recorded at a value of 1.32.Progenity Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.90 and a Current Ratio set at 1.10.
Progenity Inc. [PROG]: Insider Ownership positions
There are presently around $44 million, or 59.80% of PROG stock, in the hands of institutional investors. The top three institutional holders of PROG stocks are: NEUBERGER BERMAN GROUP LLC with ownership of 6,541,060, which is approximately 0% of the company’s market cap and around 27.70% of the total institutional ownership; FRED ALGER MANAGEMENT, LLC, holding 433,683 shares of the stock with an approximate value of $2.05 million in PROG stocks shares; and WELLS FARGO & COMPANY/MN, currently with $1.92 million in PROG stock with ownership of nearly -6.102% of the company’s market capitalization.
Positions in Progenity Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 30 institutional holders increased their position in Progenity Inc. [NASDAQ:PROG] by around 847,749 shares. Additionally, 14 investors decreased positions by around 1,097,562 shares, while 6 investors held positions by with 7,382,379 shares. The mentioned changes placed institutional holdings at 9,327,690 shares, according to the latest SEC report filing. PROG stock had 23 new institutional investments in for a total of 664,689 shares, while 10 institutional investors sold positions of 799,765 shares during the same period.