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 was 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. Approximately 6,747,803 shares traded hands during trading, an increase of 107% from the average daily volume of 3,257,594 shares. The stock had previously closed at $2.95.

Other research analysts also recently issued reports about the stock. HC Wainwright reissued a "buy" rating and set a $8.50 price objective on shares of Precigen in a research report on Tuesday, August 19th. Citigroup restated an "outperform" rating on shares of Precigen in a research note on Tuesday, August 19th. JPMorgan Chase & Co. upgraded shares of Precigen from an "underweight" rating to a "neutral" rating in a research note on Friday, August 15th. Cantor Fitzgerald restated an "overweight" rating on shares of Precigen in a research note on Thursday, May 15th. Finally, Wall Street Zen upgraded shares of Precigen from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $8.25.

Hedge Funds Weigh In On Precigen

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets acquired a new position in Precigen during the fourth quarter worth about $27,000. Envestnet Asset Management Inc. raised its position in Precigen by 29.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 26,343 shares of the biotechnology company's stock worth $30,000 after acquiring an additional 5,915 shares during the last quarter. Boothbay Fund Management LLC acquired a new position in Precigen during the fourth quarter worth about $35,000. Apella Capital LLC acquired a new position in Precigen during the first quarter worth about $40,000. Finally, Invesco Ltd. raised its position in Precigen by 14.6% during the fourth quarter. Invesco Ltd. now owns 47,307 shares of the biotechnology company's stock worth $53,000 after acquiring an additional 6,040 shares during the last quarter. Institutional investors and hedge funds own 33.51% of the company's stock.

Precigen Price Performance

The company has a market cap of $1.25 billion, a price-to-earnings ratio of -9.95 and a beta of 1.87. The business's 50-day simple moving average is $1.87 and its 200-day simple moving average is $1.67.

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, topping analysts' consensus estimates of ($0.14) by $0.03. The company had revenue of $0.86 million during the quarter, compared to analysts' expectations of $0.67 million. Precigen had a negative net margin of 2,868.66% and a negative return on equity of 842.83%. As a group, sell-side analysts forecast 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.