Progenity, Inc. (NASDAQ:PROG) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Progenity, Inc. (NASDAQ:PROG – Get Rating) have been assigned a consensus rating of “Hold” from the seven brokerages that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $9.38.

PROG has been the subject of several research analyst reports. Raymond James lowered their target price on shares of Progenity from $55.00 to $42.00 in a research note on Thursday, February 24th. Zacks Investment Research raised shares of Progenity from a “hold” rating to a “buy” rating and set a $1.25 target price for the company in a research note on Tuesday, April 12th.

Shares of PROG opened at $0.99 on Tuesday. Progenity has a 12-month low of $0.66 and a 12-month high of $6.20. The firm has a 50-day moving average price of $1.27 and a 200 day moving average price of $2.10. The firm has a market capitalization of $182.84 million, a P/E ratio of -0.35 and a beta of 0.61.

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

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in 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 period. Geode Capital Management LLC boosted its holdings in 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 period. Renaissance Technologies LLC purchased a new position in Progenity in the third quarter valued at $1,238,000. GSA Capital Partners LLP purchased a new position in Progenity in the third quarter valued at $935,000. Finally, Millennium Management LLC boosted its holdings in 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 period. Hedge funds and other 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. The company develops targeted oral delivery of biotherapeutics, including PGN-600, an orally delivered liquid formulation of tofacitinib for the treatment of ulcerative colitis; and PGN-001, an orally delivered variant of adalimumab for the treatment of ulcerative colitis.

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