Skip to main content
Premium Trial:

Request an Annual Quote

Piper Sandler Initiates Coverage of Progenity With Overweight Rating

NEW YORK – Investment bank Piper Sandler announced Tuesday it is initiating coverage of newly public women's health diagnostic firm Progenity.

Analyst Steven Mah rated Progenity an Overweight with a $17 price target in an analyst note sent to investors. In a research note, he said the company's preeclampsia test will "differentiate Progenity by allowing coverage of the full spectrum of reproductive testing," and noted that Progenity has a top-3 position in testing volume for NIPT and carrier screening.

Mah cited multiple sources of upside, "including validating [precision medicine] pharma partnerships and clinical data readouts." He also noted the firm has experienced controversy related to its patent lawsuit with Natera and settlements with the US Department of Justice and with insurers but added that its "represents an attractive buying opportunity."

The firm is also developing gastrointestinal diagnostic devices, which Mah noted as another opportunity down the line.

Ann Arbor, Michigan-based Progenity sought up to $100 million in its public offering of 6,666,667 shares on the Nasdaq last month. Progenity offers noninvasive prenatal testing, carrier screening, and hereditary cancer screening is currently developing a preeclampsia test. A new version of the company's NIPT test is in development and it intends to improve turnaround time, Mah said.

The Scan

Billion-Dollar Diversity Initiative

The Howard Hughes Medical Institute is now accepting applications for its new $1.5 billion initiative to boost the diversity of the scientific workforce.

Biotech Co-Founder Arrested

A co-founder of a Los Angeles-based biotech company has been arrested in connection with a murder-for-hire scheme, according to Endpoint News.

Return of the Tasmanian Tiger

The Washington Post reports that a team in Australia is working to bring the thylacine back from extinction.

Nature Papers on Genome of Individual From Pompeii, CircRNA Study Best Practices, More

In Nature this week: first sequenced genome of a person from Pompeii, best practice guidelines for circRNA studies, and more.