UPDATE: Baird Downgrades Progenity Inc. (PROG) to Neutral

Baird analyst Catherine Schulte downgraded Progenity Inc. (NASDAQ: PROG) from Outperform to Neutral with a price target of $2.00 (from $4.00).

The analyst comments "PROG announced plans to transition to a device-enabled biotech company, shutting down its core genetic testing business and pursuing strategic alternatives for Avero as a means to conserve cash while advancing its pipeline. We find this an abrupt end to PROG's core (albeit challenged) business and question the true underlying dynamics here. While we see potential in Precision Medicine, we think there's a long road ahead to unlock value/prove out the platform; we'd wait from the sidelines until we see more data/partnerships and regain confidence in execution."

For an analyst ratings summary and ratings history on Progenity Inc. click here. For more ratings news on Progenity Inc. click here.

Shares of Progenity Inc. closed at $2.19 yesterday.

You May Also Be Interested In

• HSBC Downgrades Feng Tay Enterprises (9910:TT) to Hold
• Piper Sandler Downgrades Southwestern Energy (SWN) to Neutral
• Piper Sandler Downgrades Magnolia Oil & Gas Corp. (MGY) to Neutral