PROG, ADMP stocks jump after FDA approval, patent rights

Highlights

• Progenity, Inc. (NASDAQ: PROG) secured four patents for ingestible technologies from the US Patent and Trademark Office (USPTO).
  
  
• The PROG stock grew nearly 47% since the patent announcement on October 13.
  
  
• Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) stock soared after FDA approval for its drug ZIMHI.

Stocks of Progenity, Inc. (NASDAQ: PROG) and Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) jumped nearly 40% and over 8%, respectively, at the market close on Monday.

The PROG stock closed at US$2.99, up 39.72%, and the ADMP stock closed at US$1.23, up 8.85% at 4 pm ET.

Here is a look at the recent developments of the two companies.

Progenity, Inc.

The stock has been moving up since October 13, when the US Patent and Trademark Office (USPTO) granted four patents to the company for the ingestible technologies, which help administer drugs through the gastrointestinal tract. 

The stock raked in nearly 47% gain since that day. The San Diego, California-based company develops molecular testing products and precision medicine for various health problems. 

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In the June quarter of 2021, the company posted revenue of US$463 thousand compared to no revenue in the year-ago period. The net loss was US$78.53 million compared to US$53.05 million in the June quarter of the prior year. 

Progenity’s market cap is US$372 million. The stock traded in the range of US$9.41 to US$0.66 in the last 52 weeks. On Oct 15, it closed at US$2.14 with a share volume of 71,829,450.

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Source - Pixabay

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Adamis Pharmaceuticals Corporation

The Adamis stock saw high trading volume after the company announced obtaining approval from the US Food and Drug Administration (FDA) for its injection ZIMHI.

The biopharmaceutical company develops therapeutics for opioid overdose, inflammatory diseases, and allergy, and respiratory diseases. The naloxone injection is used to treat opioid overdose, including heroin, tramadol, fentanyl, morphine, etc. 

It’s another drug Tempol is currently under clinical trial. It is for treating COVID-19 patients.  

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For the fiscal year 2020, the company earned revenue of US$16.5 million compared to US$22.11 million in FY2019. The net loss was US$49.39 million for FY2020.  

The company has a current market capitalization of US$183 million. The highest and the lowest stock prices in the last 52 weeks were US$2.34 to US$0.38, respectively.

The stock closed at US$1.13 on Oct 15, 2021, with a share volume of 4,837,937.

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Bottomline

Dow Jones US Pharmaceuticals Index (DJUSPR) generated a 7.31% return YTD but fell 0.39% in the last five days. On the other hand, the PROG stock grew around 35% over the past five days and lost nearly 43% YTD. In contrast, the ADMP stock rose 14% in the last five days and 125% YTD. Overall, the healthcare sector saw robust growth this year. However, investors must exercise caution before investing in stocks.