Precigen (NASDAQ:PGEN) Sets New 1-Year High - Here's What Happened

Key Points

• Precigen, Inc. (NASDAQ:PGEN) shares hit a new 52-week high at $2.78 during trading, significantly increasing from a previous close of $1.85 with over 33 million shares traded.
• Recent analyst upgrades include a neutral rating from JPMorgan and a $6.00 price target from JMP Securities, reflecting a consensus rating of "Moderate Buy" and growing institutional interest.
• For the latest quarter, Precigen reported a smaller-than-expected loss of ($0.11) EPS, surpassing analyst estimates, and generated revenue of $0.86 million against projections of $0.67 million.

Precigen, Inc. (NASDAQ:PGEN - Get Free Report) shares reached a new 52-week high during trading on Friday . The company traded as high as $2.78 and last traded at $2.70, with a volume of 33598672 shares changing hands. The stock had previously closed at $1.85.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PGEN. JPMorgan Chase & Co. upgraded Precigen from an "underweight" rating to a "neutral" rating in a research note on Friday. Cantor Fitzgerald restated an "overweight" rating on shares of Precigen in a research note on Thursday, May 15th. JMP Securities restated a "market outperform" rating and set a $6.00 price target on shares of Precigen in a research note on Thursday, June 12th. Wall Street Zen upgraded Precigen from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Finally, HC Wainwright reiterated a "buy" rating and issued a $6.00 target price on shares of Precigen in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $6.00.

Precigen Stock Up 53.1%

The company has a 50 day moving average of $1.65 and a 200 day moving average of $1.58. The firm has a market cap of $844.15 million, a price-to-earnings ratio of -6.57 and a beta of 1.87.

Precigen (NASDAQ:PGEN - Get Free Report) last posted its earnings results on Tuesday, August 12th. The biotechnology company reported ($0.11) EPS for the quarter, beating the consensus estimate 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 analyst estimates of $0.67 million. As a group, equities research analysts expect that Precigen, Inc. will post -0.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Precigen

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Parkman Healthcare Partners LLC acquired a new stake in Precigen in the first quarter worth approximately $4,755,000. Bank of America Corp DE lifted its position in Precigen by 258.2% in the second quarter. Bank of America Corp DE now owns 832,261 shares of the biotechnology company's stock worth $1,182,000 after purchasing an additional 599,914 shares during the period. Adage Capital Partners GP L.L.C. lifted its position in Precigen by 3.8% in the first quarter. Adage Capital Partners GP L.L.C. now owns 11,276,000 shares of the biotechnology company's stock worth $16,801,000 after purchasing an additional 410,595 shares during the period. Marshall Wace LLP acquired a new stake in Precigen in the second quarter worth approximately $524,000. Finally, Diametric Capital LP acquired a new stake in Precigen in the second quarter worth approximately $476,000. 33.51% of the stock is owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.