Are you looking for penny stocks to buy today? If you said yes, you’re not alone. Each day traders from all walks seek out ways to make money in the stock market. Today is no different, and if stocks under $5 are your focus, you’ll probably find a few trending names right now. Whether we’re talking about stocks under $1 or specific themes like short squeeze penny stocks, there’s no shortage of topics to follow.
Today, we’ll discuss one of the hot penny stocks today: Progenity Inc. (NASDAQ:PROG). Why is it moving, what has happened leading up to today, and are there any additional details you can use to decide whether or not PROG stock is worth buying?
Hot Penny Stocks Today: What To Know About Progenity Inc. (NASDAQ:PROG)
Biotech stocks have seen their fair share of volatility over the last few months. Take a look at the SPDR S&P Biotech ETF (NYSE:XBI), and you’ll see what I mean. Not only has the XBI been unable to regain its Q1 levels, it recently slid to some of its lowest levels in the last 12 months. Does that mean you should avoid all penny stocks in the biotech space entirely?
Not at all, and today, Progenity Inc. is the latest to buck this trend. Thanks to heavy interest in short squeeze stocks, it’s also been one of the hottest penny stocks to watch over the last few months. According to data from Fintel, the percentage of the float short in PROG stock sits around 19.54% as of this article. However, with such a rise in price during a short period of time, it’s also important to be on the lookout for any profit taking or monitoring the company’s financing efforts, if any. Both bring the potential for selling pressure.
What Does Progenity Inc. (NASDAQ:PROG) Do?
Progenity specializes in gastrointestinal health and oral biotherapeutics. In particular, the company develops treatments targeting women’s health issues. It focuses on developing molecular testing devices providing diagnostic sampling and drug delivery solutions to offer more precise therapies for personalized medicines.
In particular, Progenity’s Preecludia test is at the front of the line. The company recently engaged an advisory firm and launched a managed process to license Preecludia to commercial partners.
The platform is designed as a rule-out test for preeclampsia in patients presenting potential signs and symptoms during pregnancy. Preeclampsia can be categorized by high blood pressure, organ injury, and even fetal compromise. According to company data, between 8-20% of all pregnant women have at least one risk factor for preeclampsia, and it is the #2 cause of maternal mortality.
PROG Stock News
On November 23, PROG stock caught an early surge of trading momentum right after the opening bell. Why is PROG on the move? The company announced that it had strengthened its liquidity position. What does this mean for those who may be…