HC Wainwright Reaffirms "Buy" Rating for Precigen (NASDAQ:PGEN)

Key Points

• The investment firm HC Wainwright has reaffirmed a "buy" rating for Precigen (NASDAQ:PGEN), setting a price target of $6.00, which implies a potential upside of 233.33% from the stock's previous close.
• Precigen reported an earnings per share (EPS) of ($0.11), surpassing analysts' expectations of ($0.14), despite showing a negative return on equity of 279.20% and net margin of 3,728.87%.
• Several institutional investors have increased their positions in Precigen, with hedge fund Adage Capital Partners boosting its holdings by 3.8% in the first quarter, now owning over 11 million shares.

Precigen (NASDAQ:PGEN - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at HC Wainwright in a research report issued on Wednesday,Benzinga reports. They presently have a $6.00 price objective on the biotechnology company's stock. HC Wainwright's price target suggests a potential upside of 233.33% from the stock's previous close.

Several other research firms also recently commented on PGEN. Cantor Fitzgerald reiterated an "overweight" rating on shares of Precigen in a 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. Finally, JMP Securities reissued a "market outperform" rating and set a $6.00 price objective on shares of Precigen in a report on Thursday, June 12th.

Precigen Trading Up 3.4%

NASDAQ:PGEN opened at $1.80 on Wednesday. The firm has a market capitalization of $531.32 million, a price-to-earnings ratio of -3.21 and a beta of 1.87. Precigen has a 1-year low of $0.65 and a 1-year high of $2.17. The business's 50-day moving average price is $1.63 and its two-hundred day moving average price is $1.58.

Precigen (NASDAQ:PGEN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The biotechnology company reported ($0.11) EPS for the quarter, topping analysts' consensus estimates of ($0.14) by $0.03. Precigen had a negative return on equity of 279.20% and a negative net margin of 3,728.87%. Sell-side analysts predict that Precigen will post -0.32 earnings per share for the current year.

Institutional Trading of Precigen

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Adage Capital Partners GP L.L.C. increased its holdings in shares of Precigen by 3.8% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 11,276,000 shares of the biotechnology company's stock valued at $16,801,000 after purchasing an additional 410,595 shares during the period. Geode Capital Management LLC grew its holdings in Precigen by 7.7% in the 2nd quarter. Geode Capital Management LLC now owns 3,749,182 shares of the biotechnology company's stock valued at $5,325,000 after buying an additional 269,580 shares in the last quarter. Parkman Healthcare Partners LLC bought a new position in Precigen in the first quarter valued at about $4,755,000. Northern Trust Corp increased its holdings 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 in the last quarter. Finally, Cetera Investment Advisers boosted its position in shares of Precigen by 8.9% during the fourth quarter. Cetera Investment Advisers now owns 283,562 shares of the biotechnology company's stock valued at $318,000 after buying an additional 23,250 shares during the last quarter. Institutional investors own 33.51% of the company's stock.

About Precigen

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.

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