Home Equities Score Progenity Inc (PROG) stock rallied on Thursday but WHY?

Progenity Inc (PROG) stock rallied on Thursday but WHY?

Progenity Inc. (PROG) shares gained 18.30% to close Thursday, May 20, 2021 session at $2.65 per share. As of this writing, there is no change in share price in the pre-market session on Friday, May 21, 2021. The PROG stock remained unchanged in the after-hours on Thursday. PROG shares have moved up 12.77% in the past week. Over the past three months, the stock has lost 52.59%, while over the past six months, it has declined 37.05%.

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Let’s see what are the latest developments about Progenity.

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Recent financial results announcement

On May 13, 2021, Progenity, Inc released its financial results for the first quarter ended March 31, 2021.

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Q1 2021 financial highlights

  • Progenity reported revenue of $24.5 million in the three months ended March 31, 2021, compared to $16.8 million in the three months ended March 31, 2020.
  • The gross margin was 9.4% for Q1 2021, compared to a negative 57.9% for Q1 2020.
  • Operating expenses were $48.5 million in Q1 2021, compared to $42.8 million in the three months ended March 31, 2020.
  • The company suffered a net loss of $32.3 million or basic and diluted net loss per share of $0.56 in Q1 2021, compared to a net loss of $17.2 million and a net loss per share of $3.43 for the three months ended March 31, 2020. 

Preliminary Results announcement of targeted therapeutics program

On May 12, 2021, Progenity, Inc released preliminary results of two key studies for the company’s targeted therapeutics program. The studies involved both the first functional clinical study of the Drug Delivery System (DDS) and the first preclinical study of PGN-600 (liquid tofacitinib delivered by DDS).

The company completed its first clinical study of the fully autonomous DDS device in twelve healthy adults and also completed a preclinical study assessing the safety, tolerability, and pharmacokinetic and pharmacodynamic effects of a seven-day administration of PGN-600

Development fund for Drug Delivery System (DDS)& for PGN-600

Progenity also received funds on May 11, 2021, from the Crohn’s & Colitis Foundation’s IBD Ventures program to further develop its Drug Delivery System (DDS) and for PGN-600 (liquid tofacitinib delivered by DDS).

Update about Preecludia preeclampsia rule-out test

On May 05, 2021, Progenity, Inc. provided another key update regarding its Preecludia preeclampsia rule-out test.

The company said that all the systems required for the commercial launch of the Preecludiatest are ready and Progenity is hoping for a commercial launch in the second half of 2021.

Preeclampsia is the second most common cause of maternal mortality, with more than 700,000 women presenting each year with signs and symptoms of possible preeclampsia.

Participation at ACOG Annual Meeting

On April 30, Progenity presented the preeclampsia rule-out test verification study at the 2021 ACOG Annual Meeting, with the test demonstrating a sensitivity of 87.8% and a negative predictive value (NPV) of 97.0%.

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Conclusion

Well, there is no recent development but Progenity is showing positive and consistent improvements in the recent past for its upcoming products and tests which may be the reason behind its recent surge on Thursday.

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