Not too long ago the Progenity Inc (NASDAQ:PROG) stock had experienced a fall but since then the stock has made a strong recovery and the recovery continued on Wednesday.
There has been no fresh news about the company in recent weeks but the stock managed to clock gains of 10% yesterday and that took its gains for the past week to as much as 23%. In order to get a better idea about the recent happenings at the innovative biotech firm, it might be a good move for investors to take a look at an announcement from back on August 4.
At the time, the company announced that it had finally closed the underwritten public offering of as many as 4,0000,000 shares of its common stock that it had previously announced. In addition to that, warrants were issued as well by way of which the holders could pick up as many as 4,0000,000 shares of the common stock.
The units were sold at $1 a share along with the associated warrant. However, the move did not quite excite investors at the time and it led to a decline in the stock price. It now remains to be seen if the Progenity stock can continue on its recovery path.