After having slid in the markets despite positive developments last week, the Progenity Inc (NASDAQ:PROG) stock stormed back on Monday and managed to deliver gains of as much as 40% to its investors.
There was no news about the company yesterday but it seems that investors changed their minds about the stock. Last week the stock had been in the news after it emerged that it was awarded as many as four patents by the United States Patent and Trademark Office. Despite the positive news, the stock sank. In this regard, it might be a good idea to take a closer look at the nature of the patents.
The patents in question are related to the ingestible technologies that are going to help the delivery of therapeutics by way of the gastrointestinal tract. The four patents are clubbed under the GI targeted therapeutics portfolio of Progenity.
At this point in time, the portfolio boasts of a total of more than 170 patents and the company is working on more applications still. That makes it one of the stronger portfolios of ingestible device patents in the industry at this point in time. Investors might consider keeping an eye on the Progenity stock in the coming days.
