Bank of America Corp DE Lowers Stake in Precigen, Inc. $PGEN

Bank of America Corp DE cut its stake in shares of Precigen, Inc. (NASDAQ:PGEN - Free Report) by 32.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,471,279 shares of the biotechnology company's stock after selling 717,327 shares during the period. Bank of America Corp DE owned approximately 0.41% of Precigen worth $5,694,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the company. State of Wyoming purchased a new position in shares of Precigen during the 1st quarter worth approximately $27,000. NBC Securities Inc. acquired a new position in shares of Precigen during the 4th quarter worth $38,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Precigen during the 3rd quarter worth $39,000. Royal Bank of Canada boosted its position in shares of Precigen by 102.6% in the 1st quarter. Royal Bank of Canada now owns 10,714 shares of the biotechnology company's stock worth $41,000 after buying an additional 5,426 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Precigen in the 3rd quarter worth about $41,000. Hedge funds and other institutional investors own 33.51% of the company's stock.

Insider Activity

In related news, COO Rutul R. Shah sold 42,924 shares of the business's stock in a transaction dated 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 sale, the chief operating officer directly owned 497,751 shares of the company's stock, valued at $2,911,843.35. The trade was a 7.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Harry Jr. Thomasian sold 171,429 shares of Precigen stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $5.53, for a total value of $948,002.37. Following the completion of the transaction, the chief financial officer owned 354,535 shares of the company's stock, valued at approximately $1,960,578.55. The trade was a 32.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 806,271 shares of company stock worth $4,832,220. 41.40% of the stock is currently owned by insiders.

Precigen Stock Down 3.1%

Shares of NASDAQ PGEN opened at $7.19 on Friday. The stock has a fifty day moving average price of $6.01 and a 200 day moving average price of $4.73. The company has a market cap of $2.56 billion, a P/E ratio of -6.91 and a beta of 1.02. Precigen, Inc. has a 12-month low of $2.99 and a 12-month high of $7.72. 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 (NASDAQ:PGEN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate 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. The business's revenue for the quarter was up 6322.7% compared to the same quarter last year. Research analysts anticipate that Precigen, Inc. will post 0.25 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Precigen in a report on Friday, July 17th. Citigroup reissued an "outperform" rating on shares of Precigen in a research note on Thursday, May 14th. Wall Street Zen raised Precigen from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 8th. HC Wainwright upped their price objective on shares of Precigen from $14.00 to $18.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th. Finally, Zacks Research raised Precigen from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $14.50.

Precigen Profile

Precigen, Inc NASDAQ: PGEN is a biotechnology company focused on the discovery, development and commercialization of genetic medicines. The company leverages proprietary gene and cell therapy platforms to design targeted therapies for oncology, infectious diseases and rare conditions. Precigen's approach combines synthetic biology, immuno-oncology and microbiome engineering to create precision treatments intended to enhance efficacy while minimizing off-target effects.

The centerpiece of Precigen's technology is its OmniCAR platform, which enables the rapid generation of adaptable chimeric antigen receptor (CAR) T-cell products.

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