Precigen (NASDAQ:PGEN) Sees Strong Trading Volume - Here's What Happened

Key Points

• Precigen, Inc. experienced a significant increase in trading volume, with over 2 million shares traded, up 6% from the previous session, and the stock price rose to $1.79 after closing at $1.57.
• Analysts have given mixed ratings on Precigen, including an "overweight" rating from Cantor Fitzgerald and a price target of $6.00 from JMP Securities, while Wall Street Zen upgraded their rating from "sell" to "hold."
• Despite a negative earnings per share of ($0.07), Precigen reported revenue of $1.34 million, exceeding analyst estimates of $0.50 million.

Shares of Precigen, Inc. (NASDAQ:PGEN - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 2,059,219 shares changed hands during mid-day trading, an increase of 6% from the previous session's volume of 1,950,084 shares.The stock last traded at $1.79 and had previously closed at $1.57.

Analyst Ratings Changes

Several equities research analysts have commented on PGEN shares. Wall Street Zen raised shares of Precigen from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Precigen in a research note on Thursday, May 15th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $6.00 target price on shares of Precigen in a research note on Thursday, June 12th.

Precigen Price Performance

The company's 50-day moving average price is $1.56 and its 200-day moving average price is $1.54. The company has a market cap of $485.57 million, a P/E ratio of -2.94 and a beta of 1.78.

Precigen (NASDAQ:PGEN - Get Free Report) last released its earnings results on Wednesday, May 14th. The biotechnology company reported ($0.07) earnings per share for the quarter, beating analysts' consensus estimates of ($0.08) by $0.01. The business had revenue of $1.34 million during the quarter, compared to the consensus estimate of $0.50 million. Precigen had a negative net margin of 3,728.87% and a negative return on equity of 279.20%. On average, equities research analysts predict that Precigen, Inc. will post -0.32 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PGEN. BNP Paribas Financial Markets bought a new position in shares of Precigen in the 4th quarter valued at about $27,000. Envestnet Asset Management Inc. grew its position in shares of Precigen by 29.0% in 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. Apella Capital LLC bought a new position in shares of Precigen in the 1st quarter valued at about $40,000. Boothbay Fund Management LLC bought a new position in shares of Precigen in the 4th quarter valued at about $35,000. Finally, Voya Investment Management LLC grew its position in shares of Precigen by 142.9% in the 1st quarter. Voya Investment Management LLC now owns 36,771 shares of the biotechnology company's stock valued at $55,000 after acquiring an additional 21,633 shares during the period. 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.