Why Progenity Stock Is Up More Than 34% Tuesday

Shares of Progenity (NASDAQ: PROG) were up more than 34% on Tuesday. At the time of its initial public offering in 2020, the biotech company went for $13 a share, and the stock has been highly volatile because it is a retail investor favorite. The stock closed at $3.47 a share on Monday, opened at $3.96 on Tuesday, and rose to as high as $5.05 during morning trading. The company has a 52-week high of $7.86 and a low of $0.6570. The last time the stock was at $5 was in early April.

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It is the second time in less than a month that Progenity has taken off on a short-squeeze-fueled frenzy. The company, which had consistent prenatal testing revenue prior to the pandemic, has largely shelved that side of its business to focus on developing its innovation pipeline, including its Preecludia test that rules out preeclampsia, a pregnancy-related blood pressure disorder. The company is also looking at unique drug delivery systems for gastrointestinal drugs and oral biotherapies.

Source Fool.com