Progyny disclosed in a filing with the U.S. Securities and Exchange Commission on September 18, 2024, that the Company "was recently notified by a significant client (the ‘Client') that the Client has elected to exercise a 90-day option to terminate its services agreement with the Company, effective as of January 1, 2025." On September 19, 2024, JMP Securities downgraded Progyny to Market Perform from Outperform, stating that "the loss of [Progyny's] largest client causes us to appropriately contemplate the potential for lower retention rates going forward."
Following this news, Progyny's stock price fell sharply during intraday trading on September 19, 2024.
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