JMP Securities Forecasts Strong Price Appreciation for Precigen (NASDAQ:PGEN) Stock

Key Points

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Precigen (NASDAQ:PGEN - Free Report) had its price target raised by JMP Securities from $6.00 to $8.00 in a report issued on Tuesday,Benzinga reports. They currently have a market outperform rating on the biotechnology company's stock.

PGEN has been the subject of several other reports. Citigroup reissued an "outperform" rating on shares of Precigen in a research note on Tuesday, August 19th. JPMorgan Chase & Co. raised Precigen from an "underweight" rating to a "neutral" rating in a research note on Friday, August 15th. Cantor Fitzgerald reissued an "overweight" rating on shares of Precigen in a research note 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, HC Wainwright reissued a "buy" rating and issued a $8.50 price objective on shares of Precigen in a research note on Tuesday, August 19th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Precigen currently has a consensus rating of "Moderate Buy" and a consensus target price of $8.25.

Precigen Price Performance

NASDAQ:PGEN traded up $0.54 during trading hours on Tuesday, reaching $4.18. The company had a trading volume of 24,184,755 shares, compared to its average volume of 14,296,194. Precigen has a 1-year low of $0.65 and a 1-year high of $4.21. The firm has a market cap of $1.25 billion, a PE ratio of -9.95 and a beta of 1.87. The business's 50 day moving average price is $1.87 and its 200-day moving average price is $1.67.

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

Hedge Funds Weigh In On Precigen

A number of hedge funds have recently modified their holdings of PGEN. BNP Paribas Financial Markets purchased a new position in shares of Precigen during the 4th quarter worth $27,000. Envestnet Asset Management Inc. boosted its holdings in Precigen by 29.0% during the 4th 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 during the period. Boothbay Fund Management LLC purchased a new position in Precigen during the 4th quarter valued at about $35,000. Apella Capital LLC purchased a new position in Precigen during the 1st quarter valued at about $40,000. Finally, Invesco Ltd. boosted its holdings in Precigen by 14.6% during the 4th quarter. Invesco Ltd. now owns 47,307 shares of the biotechnology company's stock valued at $53,000 after acquiring an additional 6,040 shares during the period. 33.51% of the stock is currently owned by hedge funds and other institutional investors.

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.