One of many red-hot shares that continues to be on traders’ radar at the moment is Progenity (NASDAQ:PROG). This biotech inventory is one which’s been vulnerable to outsized strikes up to now. PROG inventory is one which has surged in parabolic style, and subsequently fallen, on quite a lot of events over the previous month.
Properly, Progenity is an organization that’s been recognized by retail traders as a possible brief squeeze. On our record of top short squeeze stocks final week, PROG inventory ranked #2 on the record. The corporate’s borrow charge price and brief curiosity ratios of just under 40% seem to have enticed traders to think about this inventory a high brief squeeze candidate.
Certainly, any inventory with this stage of brief curiosity is more likely to generate some vital intrigue amongst retail traders. These in search of the subsequent squeeze have sought out such performs as high short-term trades proper now. Accordingly, the 40% transfer in PROG inventory at the moment could not essentially be a shock for a lot of.
That mentioned, let’s dive into just a few issues traders could need to learn about Progenity.
What to Know About PROG Inventory
- Progenity is a California-based biotech firm offering molecular testing merchandise within the U.S.
- Among the many firm’s hottest merchandise are non-invasive prenatal screening checks.
- These checks display for chromosomal abnormalities in unborn infants, specializing in early detection for expectant moms.
- Progenity’s pipeline consists of therapies for GI-related issues and different remedies as nicely.
- Moreover, the corporate presents molecular pathology checks comparable to Covid-19 PCR testing providers.
- This issue, amongst others, noticed PROG inventory commerce at its highest ranges final yr.
- At present, PROG inventory trades round $2.14 per share, considerably beneath its 52-week excessive of $9.48 per share.
On the date of publication, Chris MacDonald didn’t have (both instantly or not directly) any positions within the securities talked about on this article. The opinions expressed on this article are these of the author, topic to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2021/10/prog-stock-7-things-to-know-about-biotech-penny-stock-progenity-as-shares-rocket-today/.
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