Progenity Inc. [PROG] Is Currently 18.05 above its 200 Period Moving Avg: What Dose This Mean?

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Progenity Inc. [NASDAQ: PROG] gained 18.05% or 0.61 points to close at $3.99 with a heavy trading volume of 250560980 shares. The company report on October 26, 2021 that Progenity Reduces Outstanding Debt by $20.175 Million Through a Private Exchange of $20.175 Million of Its 7.25% Convertible Senior Notes Due 2025 for Shares of Common Stock.

Progenity, Inc. (“Progenity”) (Nasdaq: PROG), an innovative biotechnology company, announced that it has entered into privately negotiated agreements with certain non-affiliated holders of its existing 7.25% convertible senior notes due 2025 (the “Notes”) to exchange an aggregate of $20,175,000 principal amount of Notes for an aggregate of approximately 8,513,850 shares of its common stock, which number of shares of common stock includes shares in respect of the interest make-whole provisions of the indenture under which the Notes were issued. The exchange transactions are expected to close on or about October 26, 2021, subject to customary closing conditions. Progenity will not receive any cash proceeds from the exchange transactions.


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The reduction in debt achieved by this exchange transaction represents approximately 38% of the company’s non-affiliated debt. Following the closing of the exchange transactions, approximately $137,125,000 in aggregate principal amount of Notes will remain outstanding, with terms unchanged, of which $103,500,000 is held by an affiliated holder, Athyrium Capital Management, LP.

It opened the trading session at $4.00, the shares rose to $4.35 and dropped to $3.31, the range by which the price of stock traded the whole day. The daily chart for PROG points out that the company has recorded 32.12% gains over the past six months. However, it is still -504.55% lower than its most recent low trading price.

If we look at the average trading volume of 50.31M shares, PROG reached to a volume of 250560980 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Progenity Inc. [PROG]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PROG shares is $6.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PROG stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

H.C. Wainwright have made an estimate for Progenity Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on October 14, 2021. While these analysts kept the previous recommendation, Robert W. Baird dropped their target price from $4 to $2. The new note on the price target was released on June 03, 2021, representing the official price target for Progenity Inc. stock. Previously, the target price had yet another drop from $11 to $5, while Wells Fargo kept a Underweight rating on PROG stock.

The Average True Range (ATR) for Progenity Inc. is set at 0.49, with the Price to Sales ratio for PROG stock in the period of the last 12 months amounting to 11.90.

Trading performance analysis for PROG stock

Progenity Inc. [PROG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 33.00. With this latest performance, PROG shares gained by 342.25% in over the last four-week period, additionally plugging by 32.12% over the last 6 months – not to mention a drop of -49.81% in the past year of trading.

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 78.27, with the RSI for the last a single of trading hit 81.41, and the three-weeks RSI is set at 74.72 for Progenity Inc. [PROG]. The present Moving Average for the last 50 days of trading for this stock 1.47, while it was recorded at 3.11 for the last single week of trading, and 3.22 for the last 200 days.

Progenity Inc. [PROG]: A deeper dive into fundamental analysis

Progenity Inc.’s liquidity data is similarly interesting compelling, with a Current Ratio set at 1.30.

An analysis of insider ownership at Progenity Inc. [PROG]

There are presently around $220 million, or 65.30% 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 36,396,907, which is approximately 34.646% of the company’s market cap and around 11.20% of the total institutional ownership; ARMISTICE CAPITAL, LLC, holding 7,597,166 shares of the stock with an approximate value of $30.31 million in PROG stocks shares; and NEUBERGER BERMAN GROUP LLC, currently with $26.1 million in PROG stock with ownership of nearly 0% of the company’s market capitalization.

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26 institutional holders increased their position in Progenity Inc. [NASDAQ:PROG] by around 16,691,349 shares. Additionally, 34 investors decreased positions by around 4,461,866 shares, while 3 investors held positions by with 33,883,525 shares. The mentioned changes placed institutional holdings at 55,036,740 shares, according to the latest SEC report filing. PROG stock had 15 new institutional investments in for a total of 1,959,376 shares, while 22 institutional investors sold positions of 3,268,313 shares during the same period.

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