Precigen (NASDAQ:PGEN) Hits New 12-Month High - Here's What Happened

Key Points

• Precigen shares reached a new 52-week high, trading as high as $8.31 and last quoted at $8.3840, up 6.1%; the stock is above its 50-day and 200-day moving averages.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $13.67. HC Wainwright raised its target to $18, while B. Riley initiated coverage with a $12 target.
• The company beat quarterly expectations, reporting $0.05 in EPS versus a projected loss of $0.01 and $54.98 million in revenue versus estimates of $27.98 million. However, insiders sold 401,511 shares worth about $2.8 million over the past three months.

Shares of Precigen, Inc. (NASDAQ:PGEN - Get Free Report) hit a new 52-week high during trading on Wednesday. The stock traded as high as $8.31 and last traded at $8.3840, with a volume of 1055457 shares trading hands. The stock had previously closed at $8.05.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. HC Wainwright boosted their price target on shares of Precigen from $14.00 to $18.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. B. Riley Financial began coverage on shares of Precigen in a research report on Friday, September 25th. They set a "buy" rating and a $12.00 price target on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Precigen in a report on Friday, July 17th. Zacks Research upgraded shares of Precigen from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 5th. Finally, Wall Street Zen raised Precigen from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $13.67.

Precigen Stock Up 6.1%

The stock's fifty day simple moving average is $6.88 and its 200-day simple moving average is $5.24. The stock has a market cap of $3.05 billion, a P/E ratio of -8.22 and a beta of 1.02. The company has a debt-to-equity ratio of 2.15, a quick ratio of 3.89 and a current ratio of 4.58.

Precigen (NASDAQ:PGEN - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $0.05 earnings per share for the quarter, beating analysts' consensus estimates of ($0.01) by $0.06. The company had revenue of $54.98 million during the quarter, compared to the consensus estimate of $27.98 million. Precigen had a negative net margin of 183.98% and a positive return on equity of 423.75%. The firm's revenue was up 6322.7% on a year-over-year basis. As a group, research analysts forecast that Precigen, Inc. will post 0.24 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Rutul R. Shah sold 15,342 shares of the company's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $7.50, for a total transaction of $115,065.00. Following the completion of the sale, the chief operating officer directly owned 468,865 shares in the company, valued at $3,516,487.50. This represents a 3.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Harry Thomasian, Jr. sold 100,000 shares of the business's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $6.06, for a total value of $606,000.00. Following the transaction, the chief financial officer directly owned 254,535 shares of the company's stock, valued at approximately $1,542,482.10. The trade was a 28.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 401,511 shares of company stock worth $2,801,508. 41.40% of the stock is currently owned by company insiders.

Institutional Trading of Precigen

A number of institutional investors and hedge funds have recently modified their holdings of the business. Patient Capital Management LLC purchased a new position in shares of Precigen during the 2nd quarter valued at $108,511,000. BlackRock Inc. purchased a new stake in Precigen during the second quarter valued at about $97,737,000. Occam Crest Management LP lifted its holdings in Precigen by 29.6% during the fourth quarter. Occam Crest Management LP now owns 3,501,739 shares of the biotechnology company's stock valued at $14,637,000 after purchasing an additional 799,339 shares during the last quarter. Bank of America Corp DE bought a new position in Precigen during the second quarter worth about $10,536,000. Finally, Wellington Management Group LLP increased its stake in shares of Precigen by 9.2% in the second quarter. Wellington Management Group LLP now owns 555,230 shares of the biotechnology company's stock worth $3,165,000 after purchasing an additional 46,796 shares in the last quarter. 33.51% of the stock is owned by hedge funds and other institutional investors.

Precigen Company Profile

Precigen, Inc NASDAQ: PGEN is a biotechnology company focused on developing gene and cell therapies for cancer and other serious diseases. The company uses its synthetic biology platforms to engineer targeted medicines designed to improve treatment effectiveness, durability and safety.

Precigen's technology portfolio includes its UltraCAR-T platform for developing next-generation CAR-T cell therapies, the AdenoVerse platform for gene delivery and immunotherapy applications, and ActoBiotics technology for the localized delivery of therapeutic proteins.

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