Bank of America Corp DE Buys 1,848,414 Shares of Precigen, Inc. $PGEN

Key Points

• Bank of America acquired 1.85 million Precigen shares worth approximately $10.5 million during the second quarter, giving it a 0.52% stake. Institutional investors collectively own 33.51% of the company.
• Precigen insiders sold 991,271 shares worth $6.2 million over the past 90 days, including significant sales by the COO and CFO under pre-arranged Rule 10b5-1 plans.
• Precigen exceeded quarterly expectations with $54.98 million in revenue and $0.05 EPS, while analysts maintain a consensus “Buy” rating and an average price target of $13.67.

Bank of America Corp DE bought a new stake in Precigen, Inc. (NASDAQ:PGEN - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,848,414 shares of the biotechnology company's stock, valued at approximately $10,536,000. Bank of America Corp DE owned about 0.52% of Precigen as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. State of Wyoming purchased a new position in shares of Precigen during the 1st quarter valued at about $27,000. Royal Bank of Canada grew its position in Precigen by 102.6% during the first quarter. Royal Bank of Canada now owns 10,714 shares of the biotechnology company's stock valued at $41,000 after acquiring an additional 5,426 shares during the last quarter. Chicago Partners Investment Group LLC bought a new position in Precigen during the first quarter valued at approximately $43,000. Y Intercept Hong Kong Ltd bought a new position in Precigen during the first quarter valued at approximately $49,000. Finally, Nations Financial Group Inc. IA ADV purchased a new position in shares of Precigen during the first quarter worth approximately $60,000. Hedge funds and other institutional investors own 33.51% of the company's stock.

Insider Transactions at Precigen

In other Precigen news, COO Rutul Shah sold 42,924 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $5.85, for a total value of $251,105.40. Following the completion of the transaction, the chief operating officer owned 497,751 shares in the company, valued at approximately $2,911,843.35. This represents a 7.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Harry Thomasian, Jr. sold 171,429 shares of the firm's stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $5.53, for a total value of $948,002.37. Following the transaction, the chief financial officer directly owned 354,535 shares of the company's stock, valued at $1,960,578.55. This represents a 32.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 991,271 shares of company stock worth $6,208,620 in the last ninety days. 41.40% of the stock is owned by company insiders.

Precigen Stock Up 0.6%

Shares of Precigen stock opened at $7.75 on Friday. The company has a current ratio of 4.58, a quick ratio of 3.89 and a debt-to-equity ratio of 2.15. The company's fifty day simple moving average is $6.78 and its two-hundred day simple moving average is $5.17. The company has a market cap of $2.76 billion, a P/E ratio of -7.45 and a beta of 1.02. Precigen, Inc. has a 12-month low of $2.99 and a 12-month high of $8.27.

Precigen (NASDAQ:PGEN - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $0.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.01) by $0.06. Precigen had a negative net margin of 183.98% and a positive return on equity of 423.75%. The company had revenue of $54.98 million during the quarter, compared to the consensus estimate of $27.98 million. Precigen's revenue was up 6322.7% on a year-over-year basis. Research analysts anticipate that Precigen, Inc. will post 0.24 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on PGEN shares. B. Riley Financial assumed coverage on shares of Precigen in a report on Friday. They issued a "buy" rating and a $12.00 price objective for the company. HC Wainwright increased their target price on shares of Precigen from $14.00 to $18.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Zacks Research upgraded shares of Precigen from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 5th. Weiss Ratings reissued a "sell (d-)" rating on shares of Precigen in a research note on Friday, July 17th. Finally, Wall Street Zen upgraded shares of Precigen from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $13.67.

Precigen Company Profile

Precigen, Inc NASDAQ: PGEN is a biotechnology company focused on developing gene and cell therapies for cancer and other serious diseases. The company uses its synthetic biology platforms to engineer targeted medicines designed to improve treatment effectiveness, durability and safety.

Precigen's technology portfolio includes its UltraCAR-T platform for developing next-generation CAR-T cell therapies, the AdenoVerse platform for gene delivery and immunotherapy applications, and ActoBiotics technology for the localized delivery of therapeutic proteins.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.