Wall Street Analysts Recommend Progenity as a Strong Buy 

Wall Street Analysts Recommend Progenity as a Strong Buy 

The stock market has fluctuated during the last few weeks. After the big sell-off, the futures climbed up again. However, they are still far from big gains. Experts determined now is a good time to buy some stocks. But which ones will bring profit in the future? With the current uncertain situation, it’s not an easy question. Logically, the best choice is to buy the stock, which has great potential, but it trading low right now.

According to Wall Street analysts, Progenity is such a company. This firm provides testing services, and it offers clear and actionable genetic results. Piper Sandler analyst Steven Mah noted that even against Covid-19’s backdrop, Progenity delivered with its second-quarter performance this year.

The company’s shares tumbled down by 44% since June. However, it began trading on Nasdaq, which will bring the stock success with more time. Meanwhile, its shares are trading for $8.11, offering an excellent buying opportunity.  

Mah gave this stock a Buy rating and set his price target at $17. Investors could gain 105% over the year with this company. The analyst thinks that the stock is undervalued, considering the robust rebound in the core testing business. He advises grabbing its shares now.

Why is this company poised to gain?

The firm’s records speak for its reproductive tests’ durability and the success that the Progenity has in co-marketing. It did not provide guidance for the last quarter, but June test volumes of ~28,000 were strong.

Despite the pandemic, the company managed to maintain its leading pre-COVID test turnaround times. Additionally, the fourth generation NIPT test could measure the fetal fraction. Progenity will continue its development in 2021.

Analysts are looking forward to completing the preeclampsia verification in the fourth quarter of 2020, along with a possible 2H21 launch. The technology could potentially be applied to epigenetic markers, RNA, DNA, and proteins for additional clinical applications such as oncology.

Comments Rating 0 (0 reviews)