Progenity Inc. [PROG] is -53.38% lower this YTD. Is it still time to buy?

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Progenity Inc. [NASDAQ: PROG] gained 13.58% or 0.11 points to close at $0.97 with a heavy trading volume of 8063816 shares. The company report on May 3, 2022 that Progenity to Report First Quarter Financial Results and Provide Corporate Update as Biora Therapeutics, Inc..

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Progenity, Inc. (Nasdaq: PROG) today announced that it will report first quarter ended March 31, 2022 financial results on Tuesday, May 10, 2022 after the close of financial markets. Progenity’s management will host a webcast and conference call at 4:30 p.m. Eastern time / 1:30 p.m. Pacific time that day to discuss the financial results and provide a corporate update.

As previously announced, Progenity is changing to Biora Therapeutics. Biora will focus on its pipeline of targeted and systemic oral biotherapeutics. The legal name change was completed on April 26, 2022, and the brand launch for Biora Therapeutics™ will coincide with the earnings call on May 10. The company’s NASDAQ ticker symbol will also change from “PROG” to “BIOR” on that day. No action is needed from current stockholders. The company’s common stock will continue to be listed on NASDAQ and the CUSIP will not change.

It opened the trading session at $0.8557, the shares rose to $1.01 and dropped to $0.825, the range by which the price of stock traded the whole day. The daily chart for PROG points out that the company has recorded -71.34% loss over the past six months. However, it is still -46.97% lower than its most recent low trading price.

If we look at the average trading volume of 7.91M shares, PROG reached to a volume of 8063816 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 $4.00 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 2.50. 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 0.11, with the Price to Sales ratio for PROG stock in the period of the last 12 months amounting to 152.39.

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 13.62. With this latest performance, PROG shares dropped by -20.14% in over the last four-week period, additionally sinking by -71.34% over the last 6 months – not to mention a drop of -68.47% 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 44.11, with the RSI for the last a single of trading hit 50.44, and the three-weeks RSI is set at 42.38 for Progenity Inc. [PROG]. The present Moving Average for the last 50 days of trading for this stock 1.1842, while it was recorded at 0.8729 for the last single week of trading, and 1.8669 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 -9449.64 and a Gross Margin at -15.24. Progenity Inc.’s Net Margin is presently recorded at -14316.04.

Progenity Inc.’s liquidity data is similarly interesting compelling, with a Current Ratio set at 1.60.

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

There are presently around $42 million, or 28.40% 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 29,855,847, which is approximately -17.971% of the company’s market cap and around 1.50% of the total institutional ownership; VANGUARD GROUP INC, holding 4,788,419 shares of the stock with an approximate value of $4.11 million in PROG stocks shares; and NEUBERGER BERMAN GROUP LLC, currently with $3.93 million in PROG stock with ownership of nearly -29.93% 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 43 institutional holders increased their position in Progenity Inc. [NASDAQ:PROG] by around 10,983,655 shares. Additionally, 21 investors decreased positions by around 10,537,127 shares, while 5 investors held positions by with 27,003,619 shares. The mentioned changes placed institutional holdings at 48,524,401 shares, according to the latest SEC report filing. PROG stock had 26 new institutional investments in for a total of 3,282,209 shares, while 14 institutional investors sold positions of 1,464,797 shares during the same period.