Progenity Inc (NASDAQ:PROG) Stock Gains Further Momentum: Up 17% in a Week

In the past week, the Progenity Inc (NASDAQ:PROG) stock has been in the thick of action in the markets and there was a continuation of the same trend on Wednesday as the stock rallied by another 5%. That took its gains for the past week to as much as 17%.

While there was no news about the company yesterday, earlier on in the week on Monday the company had announced that it had signed a security purchase agreement. Progenity signed the agreement in question with some institutional and accredited investors.

As per the terms of the agreement, the company was going to offer as many as 13,333,334 shares of its common stock for sale for $1.50 each. The par value of each share stands at $0.001 each.

At the time it was announced Progenity was going to raise $20 million gross from the offering before the deduction of offering expenses and placement fees for agents. The offering closed yesterday and that may have been one of the reasons behind the interest in the Progenity stock among investors. It is now going to be interesting to see if the stock can continue to add to its gains in the coming days.