Progenity (NASDAQ: PROG), a biotech company and a meme stock favorite, saw its shares decline more than 11% on Wednesday. Overall, Progenity stock is down more than 47% this year. The markets don't like uncertainty, and that's one reason Progenity has trended downward.
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. It is the second time in less than a month that Progenity has taken off on a short-squeeze-fueled frenzy.
Progenity, Inc. (PROG) delivered earnings and revenue surprises of 19.15% and -98.36%, respectively, for the quarter ended September 2021. Do the numbers hold clues to what lies ahead for the stock?