Bullish option flow was detected in PROG stock on November 16, 2021.
Bullish Option Flow
Make sure to review this lesson on option flow so that you understand the image above.
Progenity Provides Corporate Update and Reports Third Quarter 2021 Financial Results
On November 10, 2021, Progenity, Inc. (Nasdaq: PROG), an innovative biotechnology company, provided a corporate update and reported financial results for the third quarter ended September 30, 2021.
During the third quarter, Progenity added four patents related to its ingestible device and method technologies designed for delivery of therapeutics via the gastrointestinal (GI) tract, further strengthening one of the most robust patent portfolios of its kind.
Progenity also recently added key biotechnology and biotherapeutics leadership capabilities with proven financial leadership and extensive pharmaceutical industry experience by appointing Adi Mohanty as Chief Executive Officer and Jill Howe as a member of the Board of Directors and chair of the Audit Committee.
In the third quarter Progenity continued its strategic transformation directed at significantly reducing its cash-burn rate while accelerating its transition to an innovation-led biotherapeutics company focused on its oral delivery of biotherapeutics and its GI-targeted therapeutics platforms. As part of its strategic transformation, Progenity is in the process of implementing previously announced operating cost-cutting measures that are expected to result in cost savings of approximately $145 million on an annual run-rate basis1, and it plans to continue to optimize its capital allocation.
“Progenity is making great strides in its transformation into a biotherapeutics company. I’m looking forward to accelerating this process, and to helping the company efficiently advance its innovation pipeline, which has great potential to impact the diagnosis and treatment of serious diseases,” said Adi Mohanty, Chief Executive Officer of Progenity.
Third Quarter 2021 Results and Other Corporate Highlights
- Added four patents related to its ingestible technologies for delivery of therapeutics via the GI tract, including methods and devices for delivery of a therapeutic agent into GI tissue for systemic uptake, methods of treating ulcerative colitis using an ingestible device that is designed to deliver a JAK inhibitor directly to the proximal part of the large intestine, and treatment of a disease of the gastrointestinal tract with a SMAD7 inhibitor and with a chemokine/chemokine receptor inhibitor.
- Entered into an additional partnership with a large pharmaceutical company to evaluate its therapeutic with Progenity’s Oral Biotherapeutics Delivery System (OBDS) currently under development. This marks the company’s third collaboration for the OBDS, further demonstrating industry interest in the platform’s potential for the oral delivery of large molecules.
- Continued to make progress with device and manufacturing improvements for both OBDS and Drug Delivery System (DDS) programs, and further refined its animal models and its understanding of likely performance in humans.
- Held its first Inflammatory Bowel Disease Clinical Advisory Board meeting. The world-renowned advisory board members reviewed the preclinical and clinical data to date and aligned on the clinical program for the remainder of 2021 and 2022.
- Added biotechnology and biotherapeutics capabilities to the management team and Board of Directors with the appointment of Adi Mohanty as the new CEO and member of the Board of Directors, and the appointment of Jill Howe as a member of the Board of Directors and chair of the Audit Committee. The company also improved its corporate governance profile with the appointment of its lead independent director, Jeffrey Alter, as Chairman of the Board of Directors.
- Raised approximately $40 million in gross proceeds from an underwritten public offering in August 2021 and raised an additional $20 million in gross proceeds from a registered direct offering in October 2021. Progenity also received $19.6 million in gross proceeds from warrant exercises in the second half of 2021 to date.
- Engaged advisory firm and launched managed process to license the PreecludiaTM test to commercial partners, with an approximately $3 billion dollar market in the US alone. Progenity also received an important patent allowance for one of the key assays, strengthening the growing IP portfolio for the test and supporting ongoing licensing efforts.
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PROG Stock Technical Analysis
Large players volume is surging higher which is very bullish. Both the short term and long term trends are positive. This is a very positive sign. PROG is one of the better performing stocks in the Health Care Providers & Services industry, it outperforms 97% of 129 stocks in the same industry. Although PROG has an excellent technical rating, it does not offer a high quality setup at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first. Click here to sign up for email alerts on when PROG stock is a good entry.