Why Shares of Progenity Are Down More Than 11% on Wednesday

Progenity (NASDAQ: PROG), a biotech company and a meme stock favorite, saw its shares decline more than 11% on Wednesday. The stock, which closed at $3.13 on Tuesday, opened at $3.21 today, but fell throughout the day, dropping to as low as $2.73 in the early afternoon. It is a small-cap stock and has been prone to wild swings, with a 52-week high of $7.86 and a low of $0.657. Overall, Progenity stock is down more than 47% this year.

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The stock has been falling, with a few ups and downs in between, since Nov. 23, when the company reported roughly $44 million in warrant exercises during the fourth quarter, diluting the shares. On Nov. 22, it sold for a high of $5.23, but every day since, the stock has closed steadily lower until a slight uptick on Tuesday. The selling today seems to be a reaction to that upswing, as a combination of retail investors selling and heavily shorted positions pushed the stock lower.

Source Fool.com