Technical analysis on PROG
Progenity Inc. (NASDAQ: PROG) is a biotechnology company that develops and commercializes molecular testing products to improve the diagnosis and treatment of disease. It focuses on fields like women’s health, gastrointestinal health, and oral biotherapeutics. Now trading at $.88, PROG stock, was one of the best penny stocks on robinhood last year despite dropping from its IPO price of $14 per share to below $1. This was largely because it became one of the most popular reddit penny stocks in September – triggering a roughly 518% rally for PROG stock. On the verge of changing its name to Biora Therapeutics (NASDAQ: BIOR), BIOR stock is now one of the cheapest penny stocks on Robinhood 2022.
PROG stock price is currently $.90 – a new low for 2022. As the stock trades at its strong support level of $.85 formed in September 2021, its next level of support would be near $.65. However, its trend to the downside could indicate a rebound off of this strong support level and back to its weak resistance at roughly $1. Overall, PROG stock has no clear resistance and could push past $1 with a strong catalyst. The stock has a gap to fill between $1.50 and $1.58 which was created in the sell off at earnings.
The RSI is moving up from 53 and the MACD is bearish but approaching a crossover. Meanwhile, accumulation which was climbing at the start of April is slowly decreasing.
Bior Stock Short Interest & Options Flow
At the moment, short interest is 14.8% of the float but its off exchange short volume ratio is 49.97%. The current short volume of 20.65 million is almost equal to its volume at the end of October when its initial run up began. With 2.3 days to cover, many investors believe something could be brewing for BIOR stock ahead of its earnings report.
Using unusualwhales option flow, its clear that bears are the majority. Despite call volume coming in at 95%, bearish premiums win out at 64.06%. Two whales bought puts with $17 thousand premiums with a far out expiration date of January 19th, 2024. Since BIOR stock is currently trading below $1 its not surprising that the options flow is showing little activity.
Considering its current low volume of 2.6 million it seems unlikely that a major announcement is expected in May. However some investors believe that a merger could be coming soon since the company brought Paul Shabram on board to lead Technical Operations for BIOR’s ingestible drug and device platforms – a move that hints at the applicability of BIOR’s DDS and OBDS to major pharmaceutical companies.
BIOR Stock Forecast
While BIOR missed earnings expectations with an EPS loss of $.56 – $.40 more than analyst expectations – its revenue was $185 thousand more than expected. In light of this, its sell of following earnings could be unnatural. Given its float of 165.4 million, the stock is prone to volatility and depending on the results of its earnings report in May, the stock could gain back some of the ground it lost. Overall, the stock’s current price is much lower than average and a correction could be due.
As is, Progenity has a market cap of $157 million, which could make it undervalued given its technology’s potential once commercialized. In the long term, BIOR has the potential for a buyout from a major pharma company like Pfizer, which could results in a major return on investment for shareholders. On the other hand, its technologies’ range of applications could lead BIOR to become a profitable pill manufacturer once its DDS or OBDS systems are approved.
Despite its IPO price of $15 per share, BIOR stock has been treading water for a while which is typical of clinical-stage biotech plays that move on binary events like FDA approval. Its worth noting that Raymond James analysts have lowered their price target from $55 to $42 for the stock which is a modest decrease considering the firm’s growth expectations for the company in the long term.
PROG stock price is currently $.90 – a new low for 2022. As the stock trades at its strong support level of $.85 formed in September 2021, its next level of support would be near $.65. However, its trend to the downside could indicate a rebound off of this strong support level and back to its weak resistance at roughly $1. Overall, PROG stock has no clear resistance and could push past $1 with a strong catalyst. The stock has a gap to fill between $1.50 and $1.58 which was created in the sell off at earnings.
The RSI is moving up from 53 and the MACD is bearish but approaching a crossover. Meanwhile, accumulation which was climbing at the start of April is slowly decreasing.
Bior Stock Short Interest & Options Flow
At the moment, short interest is 14.8% of the float but its off exchange short volume ratio is 49.97%. The current short volume of 20.65 million is almost equal to its volume at the end of October when its initial run up began. With 2.3 days to cover, many investors believe something could be brewing for BIOR stock ahead of its earnings report.
Using unusualwhales option flow, its clear that bears are the majority. Despite call volume coming in at 95%, bearish premiums win out at 64.06%. Two whales bought puts with $17 thousand premiums with a far out expiration date of January 19th, 2024. Since BIOR stock is currently trading below $1 its not surprising that the options flow is showing little activity.
Considering its current low volume of 2.6 million it seems unlikely that a major announcement is expected in May. However some investors believe that a merger could be coming soon since the company brought Paul Shabram on board to lead Technical Operations for BIOR’s ingestible drug and device platforms – a move that hints at the applicability of BIOR’s DDS and OBDS to major pharmaceutical companies.
BIOR Stock Forecast
While BIOR missed earnings expectations with an EPS loss of $.56 – $.40 more than analyst expectations – its revenue was $185 thousand more than expected. In light of this, its sell of following earnings could be unnatural. Given its float of 165.4 million, the stock is prone to volatility and depending on the results of its earnings report in May, the stock could gain back some of the ground it lost. Overall, the stock’s current price is much lower than average and a correction could be due.
As is, Progenity has a market cap of $157 million, which could make it undervalued given its technology’s potential once commercialized. In the long term, BIOR has the potential for a buyout from a major pharma company like Pfizer, which could results in a major return on investment for shareholders. On the other hand, its technologies’ range of applications could lead BIOR to become a profitable pill manufacturer once its DDS or OBDS systems are approved.
Despite its IPO price of $15 per share, BIOR stock has been treading water for a while which is typical of clinical-stage biotech plays that move on binary events like FDA approval. Its worth noting that Raymond James analysts have lowered their price target from $55 to $42 for the stock which is a modest decrease considering the firm’s growth expectations for the company in the long term.
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