Progenity (NASDAQ:PROG) Raised to “Buy” at Zacks Investment Research

Progenity (NASDAQ:PROGGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports. The firm currently has a $1.25 target price on the stock. Zacks Investment Research‘s price objective suggests a potential upside of 19.05% from the stock’s current price.

According to Zacks, “Progenity, Inc. is a biotechnology company. It engages in developing and commercializing molecular testing products, as well as innovating in the field of precision medicine. Progenity, Inc. is based in SAN DIEGO. “

Separately, Raymond James dropped their price objective on shares of Progenity from $55.00 to $42.00 in a research note on Thursday, February 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $9.38.

Shares of NASDAQ PROG opened at $1.05 on Tuesday. The firm has a market cap of $193.33 million, a PE ratio of -0.37 and a beta of 0.61. Progenity has a 12-month low of $0.66 and a 12-month high of $6.20. The company’s fifty day simple moving average is $1.39 and its 200 day simple moving average is $2.11.

Progenity (NASDAQ:PROGGet Rating) last issued its earnings results on Monday, March 28th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.13) by ($0.08). The company had revenue of $0.44 million for the quarter. During the same quarter last year, the firm earned ($1.53) EPS. As a group, equities analysts anticipate that Progenity will post -0.49 EPS for the current year.

Several hedge funds have recently made changes to their positions in PROG. BlackRock Inc. raised its holdings in shares of Progenity by 285.1% in the fourth quarter. BlackRock Inc. now owns 1,664,377 shares of the company’s stock valued at $3,478,000 after purchasing an additional 1,232,182 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Progenity in the third quarter valued at about $1,238,000. Geode Capital Management LLC raised its holdings in shares of Progenity by 243.7% in the fourth quarter. Geode Capital Management LLC now owns 1,093,907 shares of the company’s stock valued at $2,286,000 after purchasing an additional 775,599 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Progenity in the third quarter valued at about $935,000. Finally, Millennium Management LLC raised its holdings in shares of Progenity by 1,466.1% in the fourth quarter. Millennium Management LLC now owns 451,556 shares of the company’s stock valued at $944,000 after purchasing an additional 422,722 shares during the last quarter. Institutional investors own 70.50% of the company’s stock.

Progenity Company Profile (Get Rating)

Progenity, Inc, a biotechnology company, provides develops and commercializes molecular testing products in the United States. It offers Innatal, a noninvasive prenatal screening test offered to women early in pregnancy to screen for chromosome abnormalities, such as down syndrome, trisomy 18, trisomy 13, and sex chromosome disorders through the analysis of cell-free DNA; Preparent that screens for carrier status of hereditary diseases prior to or early in pregnancy; and Riscover, a hereditary cancer screen that analyzes 31 genes associated with inherited risk of 12 types of cancers, including the BRCA1/2 genes for hereditary breast, ovarian, colorectal, endometrial, pancreatic, and other cancer syndromes, as well as for the five genes associated with Lynch syndrome.

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