Progenity, Inc. (PROG) stock gained value in pre-market after they announced the financial statement of their 3rd quarter on 10 November. Progenity, Inc. (PROG) stock saw 4.38% increase reaching to a value of $3.10 in premarket. The volume of the stock traded was 111.36 Million.
Milestones achieved in the 3rd quarter of the current financial year:
- Inclusion of significant patents that will help protecting the therapeutic delivery of the company.
- This year Progenity, Inc. (PROG) implemented cost reducing measure. These measures are expected to save $145 million annually.
- Partnership with a large pharmaceutical company that will to evaluate OBDS that is currently under developing.
Financial Highlights:
- Revenue for the 3rd quarter was $9.6 million out of which $9.4 million was generated from the operations which were discontinued by the company for some reasons.
- Expenses were reduced to $30.7 million as compared to the expenses of 2nd quarter which were $36.1 million.
- Net loss for the 3rd quarter was $43.7 million. Net loss in the 2nd quarter was $78.5 million.
- Progenity, Inc. (PROG) shares have lost 33.35 in value since the beginning of the year.
Impact of financial statement announcement on the stock price:
The Progenity, Inc. (PROG) announced its 3rd quarter financial statement on 10 November 2021. Before the announcement of its financial statements the estimated revision trends for Progenity, Inc. (PROG) were mixed. The impact of the proposed revised estimation as per the company’s just released financial statement. The stock is expected to be in line with the market in the near future.
What next for the Progenity, Inc. (PROG) stock ?
Although Progenity, Inc. (PROG) did not performed well in this year. Is this stock still worth investing? Well there is no absolute answer to this question but one thing that investors should look upon is that to keep track of its quarterly earnings. That is one variable for the estimation. The outlook of the Industry has also the huge impact on the share price of a company.
Conclusion:
Despite for its unstable trend in the market, the financial report of the Progenity, Inc. (PROG)reveals that the company is planning to expand its operations. Progenity, Inc. (PROG) have managed to half the loss as per the previous quarter, which shows that Progenity, Inc. (PROG) is practically implementing to reduce the expenses. They 4 new patents will help them improve and keep their technology up to date.
