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Highlights
- Progenity, Inc. (NASDAQ:PROG) will participate in Piper Sandler 33rd Annual Virtual Healthcare Conference
- The company's revenue surged over 220% in Q3, FY21
- PROG stocks were up more than 20% in pre-market trading today
The stocks of Progenity, Inc. (NASDAQ:PROG) rallied in pre-market trading on Wednesday, November 17, continuing their gains from the previous day. It is the second time in a month that the firm has skyrocketed on a short squeeze-fueled frenzy.
Progenity, Inc. is a biotechnology firm that develops and commercializes molecular testing devices for gastrointestinal and oral therapeutics. It is based out of San Diego, California.
Meanwhile, the company has appointed Adi Mohanty as its Chief Executive Officer effective November 8, before announcing its third-quarter financial report November 10. Its Q3 earnings results showed that its revenue has improved from the previous year's comparative quarter, but it. failed to make any profit.
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However, investors have cheered the firm's announcement about its participation in a pre-recorded fireside chat at the Piper Sandler 33rd Annual Virtual Healthcare Conference. The virtual conference will be available on the conference’s website at 10 am ET on November 22 and traders are expecting Progenity to make an important announcement at the event. Notably, the link will also be available on the company's website, under their "Investors" section.
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Stock performance and financial highlights of Progenity, Inc. (PROG)
The PROG stocks were up 21.28% to US$5.87 at 8:01 am ET on November 17, after closing at US$4.84, up 39.48% on the previous day. Its market cap is US$792.54 million and 52-week highest and lowest stock prices of the firm were US$7.86 and US$0.66, respectively.
Its trading volume on November 16 was 353,515,100, around 10 times more than the average of the last five days' volume.
The company's revenue was US$182,000 in Q3, FY21, up 225% from US$56,000 in the year-ago quarter. For the period, it reported a net loss of US$43.74 million, or a loss of US$0.46 per share, against a loss of US$47.06 million, or a loss of US$1.01 per share in Q3, FY20.
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Bottom line:
The firm made its debut in the US market in 2020 and at the time of its IPO, its stocks were US$13 per share. Meanwhile, the trading of the company has been highly volatile, mainly because it gained attention and became a favorite of retail investors. Its stock value plunged 7.28% YTD.
