Progenity Inc. [NASDAQ: PROG] stock went on an upward path that rose over 13.56% on Wednesday, amounting to a one-week price increase of more than 22.37%. The company report on June 2, 2021 that Progenity Launches Strategic Transformation into Biotech Company, Eliminating Costs of Progenity Genetics Lab and Focusing on Robust, Innovative R&D Pipeline.
Closure of genetics lab and other operational improvements expected to result in approximately 70% reduction of annual capital required for operations – from more than $180 million currently to targeted operating expenses of ~$50 million in 2022.
Continuing to seek opportunities to generate non-dilutive capital through partnerships and strategic alternatives for non-core assets, including Avero Diagnostics, which may help fund the company.
The average equity rating for PROG stock is currently 2.00, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $155.44 million, with 57.49 million shares outstanding and 44.95 million shares in the current float. Compared to the average trading volume of 747.46K shares, PROG stock reached a trading volume of 4370266 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Progenity Inc. [PROG]:
Robert W. Baird have made an estimate for Progenity Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on June 03, 2021. While these analysts kept the previous recommendation, Wells Fargo raised their target price from $11 to $5. The new note on the price target was released on February 08, 2021, representing the official price target for Progenity Inc. stock. Previously, the target price had yet another raise to $12, while BTIG Research analysts kept a Buy rating on PROG stock.
The Average True Range (ATR) for Progenity Inc. is set at 0.29, with the Price to Sales ratio for PROG stock in the period of the last 12 months amounting to 1.90.
PROG Stock Performance Analysis:
Progenity Inc. [PROG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 22.37. With this latest performance, PROG shares gained by 14.04% in over the last four-week period, additionally sinking by -23.43% over the last 6 months.
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 51.25, with the RSI for the last a single of trading hit 57.07, and the three-weeks RSI is set at 47.34 for Progenity Inc. [PROG]. The present Moving Average for the last 50 days of trading for this stock 3.05, while it was recorded at 2.34 for the last single week of trading, and 5.48 for the last 200 days.
Insight into Progenity Inc. Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and Progenity Inc. [PROG] shares currently have an operating margin of -561.13 and a Gross Margin at -129.20. Progenity Inc.’s Net Margin is presently recorded at -472.30.
Return on Total Capital for PROG is now -1,020.81, given the latest momentum, and Return on Invested Capital for the company is -890.01. Additionally, PROG Total Debt to Total Capital is recorded at 293.42, with Total Debt to Total Assets ending up at 105.10.
Receivables Turnover for the company is 2.30 with a Total Asset Turnover recorded at a value of 0.32.Progenity Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.30.
PROG Stock EPS
With the latest financial reports released by the company, Progenity Inc. posted -6.11/share EPS, while the average EPS was predicted by analysts to be reported at -0.83/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -636.10%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PROG.
Progenity Inc. [PROG] Insider Position Details
There are presently around $116 million, or 71.80% of PROG stock, in the hands of institutional investors. The top three institutional holders of PROG stocks are: ATHYRIUM CAPITAL MANAGEMENT, LP with ownership of 27,031,626, which is approximately 0% of the company’s market cap and around 26.30% of the total institutional ownership; NEUBERGER BERMAN GROUP LLC, holding 6,541,060 shares of the stock with an approximate value of $17.53 million in PROG stocks shares; and ARMISTICE CAPITAL, LLC, currently with $7.03 million in PROG stock with ownership of nearly New of the company’s market capitalization.
Positions in Progenity Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 31 institutional holders increased their position in Progenity Inc. [NASDAQ:PROG] by around 6,331,829 shares. Additionally, 21 investors decreased positions by around 567,324 shares, while 7 investors held positions by with 36,302,298 shares. The mentioned changes placed institutional holdings at 43,201,451 shares, according to the latest SEC report filing. PROG stock had 10 new institutional investments in for a total of 4,583,031 shares, while 11 institutional investors sold positions of 381,376 shares during the same period.