Progyny rebounds on stock buyback plans
29/02/2024 17:28
** Shares of Progyny PGNY.O stock up 5.1% at $36.40 on
Thurs as fertility benefits management firm says plans to buy
back some of its stock
** Co early Thurs announced stock repurchase program of up
to $100 mln to be funded with cash on hand
** PGNY on Weds hit over 3-month low before closing down
~15% at $34.65 after co reported Q4 rev below consensus
** In flash research note early Thurs, Keybanc analyst Scott
Schoenhaus said he believes buyback news should drive support
for the stock, adding that "investors were looking for the
deployment of capital in this way"
** PGNY's stock tumbled last week after in vitro
fertilization (IVF) providers in Alabama halted treatments
following state Supreme Court ruling that frozen embryos are
children
** Co has ~95.84 mln shares outstanding, per LSEG data,
giving it a market value of roughly $3.5 bln
** All 10 analysts covering PGNY are bullish, including 4
"strong buy" ratings and their median PT is $47 - LSEG
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))