Adage Capital Partners GP L.L.C. Acquires 410,595 Shares of Precigen, Inc. $PGEN

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in Precigen, Inc. by 3.8%, now owning approximately 3.82% of the company, valued at about $16.8 million.
• Insider trading activity includes Director Nancy H. Agee purchasing 15,360 shares, increasing her ownership position by 8.69% to 192,196 shares valued at over $615,000.
• Precigen stock has a consensus rating of "Moderate Buy" with a price target of $8.25 according to analyst recommendations, despite shares recently trading down 4.4%.

Adage Capital Partners GP L.L.C. grew its holdings in shares of Precigen, Inc. (NASDAQ:PGEN - Free Report) by 3.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,276,000 shares of the biotechnology company's stock after purchasing an additional 410,595 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 3.82% of Precigen worth $16,801,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Wells Fargo & Company MN grew its position in Precigen by 12.0% in the 4th quarter. Wells Fargo & Company MN now owns 114,558 shares of the biotechnology company's stock valued at $128,000 after buying an additional 12,285 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Precigen by 29.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 26,343 shares of the biotechnology company's stock valued at $30,000 after acquiring an additional 5,915 shares in the last quarter. Barclays PLC increased its stake in shares of Precigen by 28.3% during the fourth quarter. Barclays PLC now owns 242,899 shares of the biotechnology company's stock valued at $272,000 after acquiring an additional 53,546 shares during the period. Stifel Financial Corp raised its holdings in Precigen by 182.2% during the fourth quarter. Stifel Financial Corp now owns 90,857 shares of the biotechnology company's stock worth $102,000 after purchasing an additional 58,657 shares in the last quarter. Finally, Northern Trust Corp lifted its position in Precigen by 11.6% in the fourth quarter. Northern Trust Corp now owns 1,168,689 shares of the biotechnology company's stock worth $1,309,000 after purchasing an additional 121,700 shares during the period. Institutional investors and hedge funds own 33.51% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PGEN. Cantor Fitzgerald reiterated an "overweight" rating on shares of Precigen in a research report on Thursday, May 15th. Wall Street Zen raised Precigen from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. JMP Securities lifted their target price on Precigen from $6.00 to $8.00 and gave the stock a "market outperform" rating in a report on Tuesday, August 19th. Citigroup reissued an "outperform" rating on shares of Precigen in a report on Tuesday, August 19th. Finally, HC Wainwright restated a "buy" rating and set a $8.50 price objective on shares of Precigen in a research report on Tuesday, August 19th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $8.25.

Precigen Stock Performance

PGEN traded up $0.06 during trading on Thursday, reaching $4.14. The company had a trading volume of 3,363,547 shares, compared to its average volume of 18,628,924. The firm's 50-day simple moving average is $2.68 and its 200 day simple moving average is $1.91. The company has a market cap of $1.23 billion, a price-to-earnings ratio of -9.86 and a beta of 1.82. Precigen, Inc. has a 12-month low of $0.65 and a 12-month high of $5.22.

Precigen (NASDAQ:PGEN - Get Free Report) last announced its earnings results on Tuesday, August 12th. The biotechnology company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.03. Precigen had a negative net margin of 2,868.66% and a negative return on equity of 842.83%. The company had revenue of $0.86 million during the quarter, compared to analysts' expectations of $0.67 million. On average, sell-side analysts expect that Precigen, Inc. will post -0.32 EPS for the current year.

Insider Activity at Precigen

In related news, Director Nancy H. Agee purchased 15,360 shares of the company's stock in a transaction dated Tuesday, August 19th. The shares were acquired at an average cost of $3.20 per share, with a total value of $49,152.00. Following the completion of the purchase, the director owned 192,196 shares of the company's stock, valued at $615,027.20. The trade was a 8.69% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders have acquired 41,005 shares of company stock worth $167,651. Insiders own 47.10% of the company's stock.

Precigen Company Profile

Precigen, Inc operates as a discovery and clinical-stage biopharmaceutical company that develops gene and cell therapies using precision technology to target diseases in therapeutic areas of immuno-oncology, autoimmune disorders, and infectious diseases. It operates through two segments, Biopharmaceuticals and Exemplar.