Why did Progenity Inc. (PROG) stock skyrocket on Monday?

Progenity Inc. (PROG) shares surged 7.94% in after-hours on Monday, October 11, 2021, and closed the daily trading at $2.31. In the regular trading session, PROG’s stock gained 58.52% as well. PROG shares have fallen 76.89% over the last 12 months, and they have moved up 52.86% in the past week. Over the past three months, the stock has lost 25.69%, while over the past six months, it has declined 39.20%.

Let’s have a look at its recent news and developments.

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PROG participation in the upcoming conferences

Progenity, Inc (PROG) will participate in the 11th annual Partnership Opportunities in Drug Delivery (PODD) Conference, which is to be held on October 28-29, 2021 in Boston.

Progenity’s Vice President of Strategy and Operations, Chris Wahl, MD, MBA, will present the company.

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PROG registered direct offering

On October 06, 2021, Progenity, Inc (PROG), closed its previously announced registered direct offering of 13,333,334 shares of the Company’s common stock, at a purchase price of $1.50 per share. the company will get gross proceeds of $20 million from the offer.

Patent for PROG Preeclampsia Rule-Out Test

On September 14, 2021, the United States Patent and Trademark Office (USPTO) issued U.S. Patent No. 11,112,403 for assessment of PROG’s preeclampsia using assays for free and dissociated placental growth factors.

Participation in the recent investor conferences

Progenity, Inc recently participated at Baird’s 2021 Global Healthcare Conference, which was held on September 15, 2021.

PROG also participated at the H.C. Wainwright’s 23rd Annual Global Investment Conference, which was held on September 13, 2021.

PROG closed a public offering

On Aug. 24, 2021, Progenity, Inc (PROG) closed its previously announced underwritten public offering of 40,000,000 shares of its common stock and warrants to purchase up to 40,000,000 shares of its common stock, at a public offering price of $1.00 per share and associated warrant.

The warrants have an exercise price of $1.00 per share and underwriters can buy additional 6,000,000 shares of its common stock. The company will get net proceeds of approximately $37.1 million.

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There is no recent news or development which could be linked with its exceptional gains on Monday but it could be due to the recent developments which we have discussed above.

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