H.C. Wainwright Thinks Progenity’s Stock is Going to Recover

H.C. Wainwright analyst Joseph Pantginis initiated coverage with a Buy rating on Progenity (PROGResearch Report) today and set a price target of $4.00. The company’s shares closed last Wednesday at $2.04, close to its 52-week low of $0.66.

According to TipRanks.com, Pantginis is a 4-star analyst with an average return of 13.8% and a 40.1% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Lineage Cell Therapeutics, and Actinium Pharmaceuticals.

Currently, the analyst consensus on Progenity is a Moderate Buy with an average price target of $3.67.

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Based on Progenity’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $463K and GAAP net loss of $78.53 million. In comparison, last year the company had a GAAP net loss of $52.78 million.

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Progenity Inc is a biotechnology company. It is engaged in developing and commercializing molecular testing products. The company is translating innovation into precision medicine through diagnostic and therapeutic development platforms based on genomics, proteomics, and microbiomics. The firm generates its revenue from molecular laboratory tests, principally from the sale of Innatal, Preparent, and pathology molecular testing.