Citizens Jmp Issues Positive Forecast for Precigen (NASDAQ:PGEN) Stock Price

Precigen (NASDAQ:PGEN) had its target price raised by analysts at Citizens Jmp from $11.00 to $12.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “market outperform” rating on the biotechnology company’s stock. Citizens Jmp‘s target price would indicate a potential upside of 176.82% from the company’s previous close.

PGEN has been the topic of several other research reports. Zacks Research cut Precigen from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 5th. B. Riley Financial initiated coverage on Precigen in a report on Friday, September 25th. They set a “buy” rating and a $12.00 target price for the company. Raymond James Financial set a $12.00 price target on shares of Precigen in a research report on Thursday. HC Wainwright lifted their price objective on shares of Precigen from $14.00 to $18.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Finally, Citigroup reissued a “market outperform” rating on shares of Precigen in a report on Thursday. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.50.

Precigen Price Performance

Shares of NASDAQ PGEN opened at $4.33 on Thursday. The firm has a market cap of $1.55 billion, a P/E ratio of -4.54 and a beta of 1.01. The company has a current ratio of 4.58, a quick ratio of 3.89 and a debt-to-equity ratio of 2.15. Precigen has a 1-year low of $3.04 and a 1-year high of $8.98. The business’s 50 day moving average is $7.09 and its 200-day moving average is $5.28.

Precigen (NASDAQ:PGEN) last released its quarterly earnings results on Wednesday, November 4th. The biotechnology company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.02. The business had revenue of $74.15 million during the quarter, compared to analysts’ expectations of $71.55 million. Precigen had a positive return on equity of 423.75% and a negative net margin of 183.98%. The firm’s revenue for the quarter was up 2437.6% compared to the same quarter last year. During the same period last year, the firm posted ($1.06) EPS. Equities research analysts predict that Precigen will post 0.23 earnings per share for the current year.

Insider Activity at Precigen

In other news, COO Rutul R. Shah sold 34,658 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $7.50, for a total transaction of $259,935.00. Following the completion of the transaction, the chief operating officer owned 465,012 shares of the company’s stock, valued at approximately $3,487,590. This trade represents a 6.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jeffrey B. Kindler sold 185,000 shares of Precigen stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $7.44, for a total transaction of $1,376,400.00. Following the transaction, the director owned 17,100 shares in the company, valued at approximately $127,224. This trade represents a 91.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 235,000 shares of company stock valued at $1,751,400 in the last ninety days. 41.40% of the stock is currently owned by insiders.

Institutional Trading of Precigen

Several institutional investors have recently modified their holdings of PGEN. Corient Private Wealth LP bought a new position in Precigen during the 2nd quarter worth $1,908,000. The Manufacturers Life Insurance Company acquired a new position in Precigen during the 2nd quarter worth about $519,000. Bank of New York Mellon Corp bought a new stake in shares of Precigen in the 2nd quarter valued at about $2,705,000. Bank of America Corp DE bought a new stake in shares of Precigen in the 2nd quarter valued at about $10,536,000. Finally, Squarepoint Ops LLC grew its position in shares of Precigen by 462.8% in the 2nd quarter. Squarepoint Ops LLC now owns 353,272 shares of the biotechnology company’s stock valued at $2,014,000 after buying an additional 290,505 shares during the last quarter. Institutional investors own 33.51% of the company’s stock.

Precigen Company Profile

Precigen, Inc is a clinical-stage biotechnology company focused on developing gene and cell therapies for cancer and serious diseases. The company uses its proprietary UltraCAR-T, AdenoVerse, and other gene-engineering platforms to design potential treatments intended to improve the targeting, persistence, and manufacturing of therapeutic cells and genetic medicines.

Precigen’s pipeline has included PRGN-2012, an investigational immunotherapy based on a gorilla adenovector for recurrent respiratory papillomatosis, as well as PRGN-2001, an investigational HPV-targeted immunotherapy.