One of the red-hot stocks that continues to be on investors’ radar today is Progenity (NASDAQ:PROG). This biotech stock is one that’s been prone to outsized moves in the past. PROG stock is one that has surged in parabolic fashion, and subsequently fallen, on a number of occasions over the past month.
Why?
Well, Progenity is a company that’s been identified by retail investors as a potential short squeeze. On our list of top short squeeze stocks last week, PROG stock ranked #2 on the list. The company’s borrow fee rate and short interest ratios of just below 40% appear to have enticed investors to consider this stock a top short squeeze candidate.
Indeed, any stock with this level of short interest is likely to generate some significant intrigue among retail investors. Those seeking the next squeeze have sought out such plays as top short-term trades right now. Accordingly, the 40% move in PROG stock today may not necessarily be a surprise for many.
That said, let’s dive into a few things investors may want to know about Progenity.
What to Know About PROG Stock
- Progenity is a California-based biotech company providing molecular testing products in the U.S.
- Among the company’s most popular products are non-invasive prenatal screening tests.
- These tests screen for chromosomal abnormalities in unborn babies, focusing on early detection for expectant mothers.
- Progenity’s pipeline includes therapies for GI-related disorders and other treatments as well.
- Additionally, the company offers molecular pathology tests such as Covid-19 PCR testing services.
- This factor, among others, saw PROG stock trade at its highest levels last year.
- Currently, PROG stock trades around $2.14 per share, substantially below its 52-week high of $9.48 per share.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
