Precigen (NASDAQ:PGEN) Shares Up 7.5% Following Strong Earnings

Key Points

• Precigen's stock surged 7.5% following the release of its better-than-expected quarterly earnings, with shares trading as high as $1.99.
• The company reported earnings per share of ($0.11), beating the consensus estimate of ($0.14), with total revenue of $0.86 million for the quarter.
• Analyst ratings for Precigen have improved, with some firms upgrading the stock to a "hold" or maintaining a "buy" rating, while projecting a target price of $6.00.

Shares of Precigen, Inc. (NASDAQ:PGEN - Get Free Report) were up 7.5% during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $1.99 and last traded at $1.94. Approximately 1,864,505 shares changed hands during trading, a decline of 7% from the average daily volume of 1,996,835 shares. The stock had previously closed at $1.80.

The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.03. Precigen had a negative net margin of 2,868.66% and a negative return on equity of 842.83%. The company had revenue of $0.86 million for the quarter, compared to analysts' expectations of $0.67 million.

Wall Street Analyst Weigh In

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

Institutional Trading of Precigen

A number of institutional investors have recently added to or reduced their stakes in PGEN. Parkman Healthcare Partners LLC acquired a new stake in Precigen in the first quarter valued at approximately $4,755,000. Bank of America Corp DE lifted its stake 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 valued at $1,182,000 after acquiring an additional 599,914 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its stake 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 valued at $16,801,000 after acquiring an additional 410,595 shares during the last quarter. Marshall Wace LLP acquired a new stake in Precigen in the second quarter valued at approximately $524,000. Finally, Diametric Capital LP acquired a new stake in Precigen in the second quarter valued at approximately $476,000. 33.51% of the stock is currently owned by institutional investors and hedge funds.

Precigen Stock Up 58.9%

The company has a market cap of $876.03 million, a P/E ratio of -7.00 and a beta of 1.87. The stock's 50-day moving average price is $1.68 and its 200 day moving average price is $1.60.

Precigen Company Profile

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.