Precigen (NASDAQ:PGEN) Trading Up 10.9% After Analyst Upgrade

Key Points

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Precigen, Inc. (NASDAQ:PGEN - Get Free Report)'s share price traded up 10.9% during mid-day trading on Tuesday after JMP Securities raised their price target on the stock from $6.00 to $8.00. JMP Securities currently has a market outperform rating on the stock. Precigen traded as high as $3.34 and last traded at $3.27. 6,747,803 shares were traded during trading, an increase of 107% from the average session volume of 3,257,594 shares. The stock had previously closed at $2.95.

Several other research firms have also recently weighed in on PGEN. JPMorgan Chase & Co. upgraded Precigen from an "underweight" rating to a "neutral" rating in a research report on Friday. Citigroup reiterated an "outperform" rating on shares of Precigen in a research report on Tuesday. Cantor Fitzgerald reiterated an "overweight" rating on shares of Precigen in a research report on Thursday, May 15th. HC Wainwright reiterated a "buy" rating and set a $8.50 price objective on shares of Precigen in a research report on Tuesday. Finally, Wall Street Zen raised Precigen from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $8.25.

Hedge Funds Weigh In On Precigen

Several large investors have recently bought and sold shares of PGEN. Geode Capital Management LLC increased its holdings in Precigen by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 3,299,851 shares of the biotechnology company's stock worth $3,696,000 after purchasing an additional 53,343 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Precigen by 12.0% in the fourth quarter. Wells Fargo & Company MN now owns 114,558 shares of the biotechnology company's stock worth $128,000 after purchasing an additional 12,285 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in Precigen by 29.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 26,343 shares of the biotechnology company's stock worth $30,000 after purchasing an additional 5,915 shares in the last quarter. Invesco Ltd. increased its holdings in Precigen by 14.6% in the fourth quarter. Invesco Ltd. now owns 47,307 shares of the biotechnology company's stock worth $53,000 after purchasing an additional 6,040 shares in the last quarter. Finally, Barclays PLC grew its stake in Precigen by 28.3% in the fourth quarter. Barclays PLC now owns 242,899 shares of the biotechnology company's stock valued at $272,000 after acquiring an additional 53,546 shares during the period. 33.51% of the stock is currently owned by institutional investors.

Precigen Stock Up 8.3%

The company has a market cap of $952.01 million, a PE ratio of -7.53 and a beta of 1.87. The company has a 50-day moving average of $1.71 and a 200-day moving average of $1.61.

Precigen (NASDAQ:PGEN - Get Free Report) last announced its earnings results on Tuesday, August 12th. The biotechnology company reported ($0.11) earnings per share (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 for 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.

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.

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