Progenity, Inc.

Progenity, Inc. (NASDAQ: PROG) is a biotechnology company focused on developing and commercializing molecular testing products in the sectors of women's health, gastrointestinal health, and oral biotherapeutics.

Key Highlights

• The company reported YoY growth of 225% in revenues to USD 182 thousand in Q3FY21 (ended September 30, 2021) compared to USD 56 thousand in Q3FY20.
• PROG's net loss reduced to USD 43.74 million during Q3FY21 vs. USD 47.07 million in Q3FY20.
• As of September 30, 2021, the company had cash and cash equivalents of USD 54.14 million and total debt of USD 157.37 million.
• Its net margin in FY20 was -259.1%, whereas the peer median stood at 3.2%.
• On October 26, 2021, PROG exchanged USD 20.175 million aggregate principal amount of 7.25% convertible senior notes in a privately negotiated transaction with certain non-affiliated holders for ~8.51 million common shares. The trade didn't result in any cash proceeds to PROG.
• Stock is currently trading above its crucial short-term (50-day) and long-term (200-day) SMA support levels, a bullish indicator.
• The stock is trading close to the mid-band of its 52-week range of USD 0.66 to USD 7.86.
• PROG's stock price increased 487.69% and 78.71% in the past three and six months, respectively.

Technical Price Chart (as of November 22, 2021). Analysis by Kalkine

Conclusion: Considering the topline growth, no visibility into profitability, technical indicators, and associated risks, we recommend a "Watch" rating on the stock at the closing price of USD 4.45, down 9.0% as of November 22, 2021.

*The reference data in this report has been partly sourced from REFINITIV.

Disclaimer

The advice given by Kalkine Canada Advisory Services Inc. and provided on this website is general information only and it does not take into account your investment objectives, financial situation and the particular needs of any particular person. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. The website www.kalkine.ca is published by Kalkine Canada Advisory Services Inc. The link to our Terms & Conditions has been provided please go through them. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations later.