Shares of Progenity (NASDAQ: PROG) were up more than 24% on Friday. The biotech company is developing a test called Preecludia that rules out preeclampsia, a pregnancy-related blood pressure disorder, while also specializing in gastrointestinal drugs and oral biotherapies. The stock, which closed at $2.50 a share on Thursday, opened at $2.23 and rose to as high as $3.33 during heavy afternoon trading. The company has a 52-week high of $8.24 and a low of $0.6574.
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The stock has been a favorite of retail investors looking for a short squeeze. This week it's the second time the stock saw a significant rally after retail investors piled in. On Monday, the stock opened at $2.31 and rose to $3.08, only to see the stock fall to a low of $2.06 on Tuesday. There was also a big retail investor push for a short squeeze on the stock last week.
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Why Progenity Stock Was Up More Than 24% Friday