Stock Alert: Progenity Rises 8%

(RTTNews) - Shares of Progenity Inc. (PROG) are higher by more than 8 percent or $0.63 in Monday's morning trade at $8.34 despite the biotechnology company reporting a wider loss for the second quarter.

Friday, Progenity reported that its second-quarter net loss attributable to common stockholders widened to $53.05 million or $6.11 per share from $16.41 million or $3.34 per share in the year-ago period. Revenue for the quarter fell to $17.27 million from $57.23 million in the year-ago period.

Progenity also said its affiliate lab, Avero Diagnostics, which offers molecular infectious disease testing, launched a COVID-19 molecular test to help service the widespread unmet need in the Southeast U.S., and is evaluating opportunities to offer the COVID-19 molecular test more broadly across the country.

Progenity has traded in a range of $7.63 to $15.92 in the past 52 weeks.