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

Key Points

• Citizens Jmp raised its Precigen price target to $12 from $11 and maintained a “market outperform” rating, implying about 177% upside from the stock’s current price.
• Analyst views are mixed, though the overall consensus is “Moderate Buy” with a $13.50 price target; ratings include four Buys, one Hold, and one Sell.
• Precigen reported quarterly results above expectations, with EPS of $0.08 versus $0.06 forecast and revenue of $74.15 million versus $71.55 million expected. The shares were down 14.2% in the article’s stock update.

Precigen (NASDAQ:PGEN - Get Free Report) had its price objective raised by analysts at Citizens Jmp from $11.00 to $12.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a "market outperform" rating on the biotechnology company's stock. Citizens Jmp's price objective would suggest a potential upside of 176.82% from the company's current price.

Several other analysts have also issued reports on PGEN. Zacks Research lowered Precigen from a "strong-buy" rating to a "hold" rating in a report on Monday, October 5th. Wall Street Zen downgraded Precigen from a "strong-buy" rating to a "buy" rating in a research note on Saturday, October 31st. HC Wainwright raised their price target on Precigen from $14.00 to $18.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th. B. Riley Financial began coverage on Precigen in a research report on Friday, September 25th. They set a "buy" rating and a $12.00 price target on the stock. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Precigen in a research note on Thursday, October 15th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Precigen has an average rating of "Moderate Buy" and a consensus price target of $13.50.

Precigen Stock Down 14.2%

Precigen stock opened at $4.33 on Thursday. 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 company has a fifty day simple moving average of $7.09 and a 200 day simple moving average of $5.28. The company has a market cap of $1.55 billion, a P/E ratio of -4.54 and a beta of 1.01.

Precigen (NASDAQ:PGEN - Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The biotechnology company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.06 by $0.02. Precigen had a negative net margin of 183.98% and a positive return on equity of 423.75%. The firm had revenue of $74.15 million for the quarter, compared to analysts' expectations of $71.55 million. During the same period in the previous year, the firm posted ($1.06) EPS. The company's revenue for the quarter was up 2437.6% on a year-over-year basis. Research analysts anticipate that Precigen will post 0.23 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Rutul R. Shah sold 34,658 shares of Precigen stock in a transaction dated Friday, August 21st. The stock was 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 in the company, 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 document filed with the SEC, which is accessible through this hyperlink. 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 the business's stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $7.44, for a total value of $1,376,400.00. Following the transaction, the director directly owned 17,100 shares in the company, valued at approximately $127,224. This trade represents a 91.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 235,000 shares of company stock worth $1,751,400 over the last 90 days. 41.40% of the stock is owned by company insiders.

Institutional Trading of Precigen

Several institutional investors and hedge funds have recently bought and sold shares of PGEN. State of Wyoming bought a new position in Precigen during the first quarter worth $27,000. Royal Bank of Canada increased its holdings in shares of Precigen by 102.6% in the first quarter. Royal Bank of Canada now owns 10,714 shares of the biotechnology company's stock valued at $41,000 after purchasing an additional 5,426 shares during the last quarter. Chicago Partners Investment Group LLC bought a new position in shares of Precigen in the first quarter valued at about $43,000. Carolina Wealth Advisors LLC bought a new position in shares of Precigen in the third quarter valued at about $46,000. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Precigen in the first quarter valued at about $49,000. 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.

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