Progenity Inc (NASDAQ:PROG) Stock retreats After The Monster Rally
One of the stocks to have had a remarkable rollercoaster ride in the markets this week is that of Progenity Inc (NASDAQ:PROG). After having had a major rally earlier on in the week, the stock corrected sharply and declined by as much as 12%.
Market Stats
On Thursday, PROG stock fell 11.89% to $4.3000 with more than 78.05 million shares, compared to its average volume of 75.24 million shares. The stock has moved within a range of $3.9450 – 4.6500 after opening trade at $4.6100.
Recent News
However, at the same time, it is also necessary for investors to remember that the Progenity stock is still up by a handsome 45% for the week. The rally had really commenced on Tuesday and in this context, it is important for investors to note that the rally had not been triggered for any fundamental reason.
It had been brought about by a short squeeze. In case of a short squeeze, a coordinated buying of the stock can often lead to short sellers winding down their positions and thereby, resulting in the rise of the stock price.
Earlier on in the month, the company had reported its third fiscal quarter results and had only managed to generate revenues of $182000. Additionally, the net losses for the quarter stood at a staggering $43.7 million. However, the figure represented an improvement on the prior year period revenues of $52000 and net losses of $47 million.
Traders Corner
PROG stock is trading above the 20-Day and 50-Day Moving averages of $3.54 and $2.36 respectively. Moreover, the stock is trading above the 200-Day moving average of $2.99. The stock is up 44% in the past month.
