Bank of New York Mellon Corp Makes New Investment in Precigen, Inc. $PGEN

Key Points

• Bank of New York Mellon acquired 474,497 Precigen shares worth approximately $2.7 million, joining other institutional investors that collectively own 33.51% of the company.
• Precigen reported quarterly revenue of $54.98 million, up 6,322.7% year over year, and EPS of $0.05, beating the consensus estimate of a $0.01 loss.
• Analysts remain broadly bullish, with a “Moderate Buy” consensus and an average price target of $14.50 versus the stock’s reported $7.10 price; however, insiders sold 991,271 shares worth about $6.2 million over the past 90 days.

Bank of New York Mellon Corp acquired a new stake in shares of Precigen, Inc. (NASDAQ:PGEN - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 474,497 shares of the biotechnology company's stock, valued at approximately $2,705,000. Bank of New York Mellon Corp owned approximately 0.13% of Precigen at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. State of Wyoming purchased a new stake in Precigen in the 1st quarter valued at $27,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Precigen in the third quarter valued at about $39,000. Royal Bank of Canada grew 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 period. Russell Investments Group Ltd. purchased a new position in Precigen during the third quarter worth about $41,000. Finally, Mason Investment Advisory Services Inc. acquired a new position in Precigen in the 4th quarter valued at about $42,000. Institutional investors and hedge funds own 33.51% of the company's stock.

Insider Buying and Selling

In other Precigen news, Director Jeffrey B. Kindler sold 185,000 shares of the business's stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $7.44, for a total transaction of $1,376,400.00. Following the completion of the transaction, the director owned 17,100 shares in the company, valued at $127,224. The trade was a 91.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Helen Sabzevari sold 346,836 shares of the stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $5.89, for a total transaction of $2,042,864.04. Following the completion of the sale, the chief executive officer directly owned 3,768,872 shares in the company, valued at approximately $22,198,656.08. This represents a 8.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 991,271 shares of company stock valued at $6,208,620. Company insiders own 41.40% of the company's stock.

Precigen Price Performance

Precigen stock opened at $7.10 on Tuesday. The firm has a market cap of $2.53 billion, a PE ratio of -6.83 and a beta of 1.02. Precigen, Inc. has a 52-week low of $2.99 and a 52-week high of $7.72. The company has a quick ratio of 3.89, a current ratio of 4.58 and a debt-to-equity ratio of 2.15. The company's 50 day moving average is $6.22 and its two-hundred day moving average is $4.84.

Precigen (NASDAQ:PGEN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.06. The business had revenue of $54.98 million during the quarter, compared to the consensus estimate of $27.98 million. Precigen had a negative net margin of 183.98% and a positive return on equity of 423.75%. The business's revenue for the quarter was up 6322.7% on a year-over-year basis. On average, research analysts expect that Precigen, Inc. will post 0.25 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Citizens Jmp increased their price target on shares of Precigen from $9.00 to $11.00 and gave the company a "market outperform" rating in a research note on Thursday, May 14th. Citigroup restated an "outperform" rating on shares of Precigen in a research report on Thursday, May 14th. HC Wainwright upped 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. Zacks Research upgraded Precigen from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 5th. Finally, Wall Street Zen raised Precigen from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Precigen currently has an average rating of "Moderate Buy" and a consensus price target of $14.50.

Precigen Company 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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