For Progenity Inc. [PROG], Analyst sees a drop to $57. What next?



Progenity Inc. [NASDAQ: PROG] loss -1.88% on the last trading session, reaching $2.09 price per share at the time. The company report on December 20, 2021 that Progenity Completes Exit from Laboratory Business with Sale of Affiliate Lab.

Transaction Adds Cash to Balance Sheet and Further Reduces Operating Expenses.

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Progenity, Inc. (Nasdaq: PROG), a biotechnology company innovating in the field of oral biotherapeutics for gastrointestinal health and beyond, today announced it has successfully closed the business divestiture of its affiliate Avero Diagnostics through an asset sale to Northwest Pathology.

Progenity Inc. represents 95.85 million in outstanding shares, while the company has a total market value of $343.76 million with the latest information. PROG stock price has been found in the range of $2.08 to $2.39.

If compared to the average trading volume of 81.45M shares, PROG reached a trading volume of 17387202 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 $3.00 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.

Stephens have made an estimate for Progenity Inc. shares, keeping their opinion on the stock as Equal-Weight, with their previous recommendation back on November 04, 2021. While these analysts kept the previous recommendation, H.C. Wainwright raised their target price to Buy. The new note on the price target was released on October 14, 2021, representing the official price target for Progenity Inc. stock. Previously, the target price had yet another drop from $4 to $2, while Robert W. Baird kept a Neutral rating on PROG stock. On February 08, 2021, analysts decreased their price target for PROG shares from 11 to 5.

The Average True Range (ATR) for Progenity Inc. is set at 0.35, with the Price to Sales ratio for PROG stock in the period of the last 12 months amounting to 22.77.

Trading performance analysis for PROG stock

Progenity Inc. [PROG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -6.28. With this latest performance, PROG shares dropped by -23.16% in over the last four-week period, additionally sinking by -38.35% over the last 6 months – not to mention a drop of -60.64% 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 38.45, with the RSI for the last a single of trading hit 35.40, and the three-weeks RSI is set at 41.77 for Progenity Inc. [PROG]. The present Moving Average for the last 50 days of trading for this stock 3.11, while it was recorded at 2.04 for the last single week of trading, and 2.64 for the last 200 days.

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

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 Current Ratio set at 0.90.

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

There are presently around $100 million, or 34.20% 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 0% of the company’s market cap and around 10.50% of the total institutional ownership; NEUBERGER BERMAN GROUP LLC, holding 6,541,060 shares of the stock with an approximate value of $13.67 million in PROG stocks shares; and VANGUARD GROUP INC, currently with $1.94 million in PROG stock with ownership of nearly 1.778% of the company’s market capitalization.

Positions in Progenity Inc. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 23 institutional holders increased their position in Progenity Inc. [NASDAQ:PROG] by around 2,594,549 shares. Additionally, 22 investors decreased positions by around 9,716,668 shares, while 9 investors held positions by with 35,611,610 shares. The mentioned changes placed institutional holdings at 47,922,827 shares, according to the latest SEC report filing. PROG stock had 12 new institutional investments in for a total of 1,663,853 shares, while 18 institutional investors sold positions of 9,580,159 shares during the same period.