What Happened?

Shares of fertility benefits company Progyny (NASDAQ: PGNY) fell 3.9% in the afternoon session after a regulatory filing revealed a significant institutional investor had sharply reduced its stake in the company. 

The fertility and family-building benefits company saw its shares trade lower after a Form 13F filing, reported Friday, disclosed that investment firm Edgestream Partners L.P. had sold 105,195 shares. This sale represented a 56.4% reduction in the firm's position during the first quarter. A 13F is a quarterly report filed by institutional investment managers with over $100 million in assets under management to declare their U.S. equity holdings. While the sale occurred in a prior quarter, the release of the filing can influence current investor sentiment.

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What Is The Market Telling Us

Progyny’s shares are somewhat volatile and have had 14 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

Progyny is up 24.2% since the beginning of the year, but at $22.02 per share, it is still trading 24.4% below its 52-week high of $29.14 from July 2024. Investors who bought $1,000 worth of Progyny’s shares 5 years ago would now be looking at an investment worth $843.68.

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