Precigen (NASDAQ:PGEN) Sets New 12-Month High - What's Next?

Key Points

• Precigen shares reached a new 52-week high of $7.83 and last traded at $7.74, up from a previous close of $7.43.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and a $14.50 average price target, although Weiss Ratings maintained a sell rating.
• The company reported quarterly revenue of $54.98 million, far exceeding estimates and rising 6,322.7% year over year; however, insiders sold nearly 1 million shares worth $6.2 million over the past three months.

Precigen, Inc. (NASDAQ:PGEN - Get Free Report) shares reached a new 52-week high on Thursday . The company traded as high as $7.83 and last traded at $7.74, with a volume of 667070 shares traded. The stock had previously closed at $7.43.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PGEN. Weiss Ratings reissued a "sell (d-)" rating on shares of Precigen in a research report on Friday, July 17th. HC Wainwright raised their price target on shares of Precigen from $14.00 to $18.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Wall Street Zen upgraded shares of Precigen from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Finally, Zacks Research raised shares of Precigen from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $14.50.

Precigen Stock Performance

The stock has a 50 day simple moving average of $6.42 and a 200 day simple moving average of $4.97. The company has a current ratio of 4.58, a quick ratio of 3.89 and a debt-to-equity ratio of 2.15. The stock has a market cap of $2.82 billion, a P/E ratio of -7.56 and a beta of 1.02.

Precigen (NASDAQ:PGEN - Get Free Report) last released its 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 firm had revenue of $54.98 million during the quarter, compared to the consensus estimate of $27.98 million. Precigen had a positive return on equity of 423.75% and a negative net margin of 183.98%.Precigen's revenue was up 6322.7% on a year-over-year basis. On average, equities analysts expect that Precigen, Inc. will post 0.25 earnings per share for the current year.

Insider Activity

In other news, CFO Harry Thomasian, Jr. sold 100,000 shares of the business's stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $6.06, for a total value of $606,000.00. Following the completion of the transaction, the chief financial officer directly owned 254,535 shares in the company, valued at approximately $1,542,482.10. The trade was a 28.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey B. Kindler sold 185,000 shares of the business's stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $7.44, for a total transaction of $1,376,400.00. Following the completion of the transaction, the director owned 17,100 shares of the company's stock, valued at $127,224. The trade was a 91.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 991,271 shares of company stock worth $6,208,620. 41.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Precigen

Several institutional investors and hedge funds have recently added to or reduced their stakes in PGEN. Patient Capital Management LLC acquired a new stake in shares of Precigen during the second quarter valued at about $108,511,000. BlackRock Inc. acquired a new position in shares of Precigen in the second quarter valued at approximately $97,737,000. Bank of America Corp DE acquired a new position in shares of Precigen in the second quarter valued at approximately $10,536,000. Occam Crest Management LP raised its holdings in Precigen by 29.6% in the 4th quarter. Occam Crest Management LP now owns 3,501,739 shares of the biotechnology company's stock valued at $14,637,000 after buying an additional 799,339 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Precigen in the 2nd quarter valued at approximately $2,705,000. 33.51% of the stock is currently owned by institutional investors.

About Precigen

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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