Precigen (NASDAQ:PGEN) Trading 5.2% Higher - Here's Why

Key Points

• Precigen's stock rose by 5.2%, trading between $3.78 and $4.06, although the volume was down 57% compared to its average session.
• Equities analysts have shown increased optimism, with several upgrades, including JMP Securities raising the target price to $8.00 and a consensus target price of $8.25.
• In addition to insider buying, institutional investors such as Adage Capital Partners and Bank of America made notable purchases, increasing their holdings significantly over recent quarters.

Precigen, Inc. (NASDAQ:PGEN - Get Free Report) shares traded up 5.2% during mid-day trading on Tuesday . The stock traded as high as $4.06 and last traded at $3.78. 1,685,619 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 3,964,541 shares. The stock had previously closed at $3.59.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Citigroup reiterated an "outperform" rating on shares of Precigen in a research report on Tuesday, August 19th. Wall Street Zen upgraded Precigen from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. JPMorgan Chase & Co. raised Precigen from an "underweight" rating to a "neutral" rating in a research note on Friday, August 15th. JMP Securities lifted their target price on Precigen from $6.00 to $8.00 and gave the company a "market outperform" rating in a research note on Tuesday, August 19th. Finally, HC Wainwright reissued a "buy" rating and issued a $8.50 target price on shares of Precigen in a research note on Tuesday, August 19th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $8.25.

Precigen Price Performance

The business has a 50 day moving average of $2.77 and a 200 day moving average of $1.94. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of -9.39 and a beta of 1.81.

Precigen (NASDAQ:PGEN - Get Free Report) last announced its quarterly earnings data 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 842.83% and a negative net margin of 2,868.66%.The business had revenue of $0.86 million during the quarter, compared to analysts' expectations of $0.67 million. As a group, equities analysts predict that Precigen, Inc. will post -0.32 EPS for the current year.

Insider Transactions at Precigen

In other Precigen news, Director Nancy H. Agee bought 15,360 shares of the firm's stock in a transaction on Tuesday, August 19th. The stock was purchased at an average cost of $3.20 per share, with a total value of $49,152.00. Following the completion of the purchase, the director owned 192,196 shares in the company, valued at approximately $615,027.20. The trade was a 8.69% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders bought 41,005 shares of company stock valued at $167,651 over the last ninety days. 47.10% of the stock is currently owned by insiders.

Institutional Trading of Precigen

A number of institutional investors have recently modified their holdings of the company. Adage Capital Partners GP L.L.C. lifted its holdings in shares of 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 purchasing an additional 410,595 shares in the last quarter. Geode Capital Management LLC raised its holdings in Precigen by 7.7% during the second quarter. Geode Capital Management LLC now owns 3,749,182 shares of the biotechnology company's stock worth $5,325,000 after acquiring an additional 269,580 shares in the last quarter. Parkman Healthcare Partners LLC bought a new stake in Precigen during the first quarter worth about $4,755,000. Northern Trust Corp raised its stake in Precigen by 11.6% in the fourth quarter. Northern Trust Corp now owns 1,168,689 shares of the biotechnology company's stock valued at $1,309,000 after buying an additional 121,700 shares during the period. Finally, Bank of America Corp DE raised 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 buying an additional 599,914 shares during the period. 33.51% of the stock is currently owned by institutional investors.

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.

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