UPDATE: H.C. Wainwright Starts Progenity Inc. (PROG) at Buy

October 14, 2021 6:04 AM EDT
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Price: $0.88 --0%

Rating Summary:
    3 Buy, 2 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 7 | Down: 10 | New: 37
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(Updated - October 14, 2021 6:05 AM EDT)

H.C. Wainwright analyst Joseph Pantginis initiates coverage on Progenity Inc. (NASDAQ: PROG) with a Buy rating and a price target of $4.00.

The analyst commented, "We are initiating coverage on Progenity with a Buy rating and $4 price target. Progenity’s differentiated R&D pipeline primarily focuses on employing proprietary ingestible device technologies In tandem with delivery of derisked FDA approved therapies, these mechanical capsules are designed to diagnose and intervene during inflammatory diseases that manifest in the gut and/or liver. More specifically, the company predominately seeks to fill an outstanding unmet clinical need for those diagnosed with inflammatory bowel disease (IBD), while advancing the immuno-therapeutic space by developing original means of drug administration and disease investigation. As a reminder, IBD is a debilitating chronic disease associated with severe gastrointestinal tract (G.I. tract, gut) inflammation and includes ulcerative colitis (UC) and Crohn’s disease (CD). As of 2017, more than 6.8 million cases IBD were reported annually; 1.6 million cases were diagnosed in the U.S. alone. Unfortunately, no curative treatment options exist for IBD manifestations. The best contemporary clinical interventions rely on symptom management and improving quality of life outcomes with small molecules, biologics, and/or invasive surgical procedures. For this reason, the hunt for novel therapeutics and differentiated treatment modalities remains an active area of development and commercial opportunity. Progenity's approach aims to accomplish this task by developing a diverse portfolio of products meant to evaluate and/or treat gastrointestinal indications."

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 $2.04 yesterday.

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