Precigen (NASDAQ:PGEN) Share Price Crosses Below 200-Day Moving Average - Here's What Happened

Key Points

• Precigen shares fell below their 200-day moving average of $5.28, reaching $4.91 before last trading at $5.14 on heavy volume of roughly 20.6 million shares.
• Analyst sentiment remains mixed but leans positive: four analysts rate the stock Buy, one Hold, and one Sell, producing a “Moderate Buy” consensus and an average price target of $13.67.
• The company reported quarterly revenue of $54.98 million, up sharply year over year and above expectations, but continues to post a negative net margin; insiders sold approximately $1.98 million of stock over the past 90 days.

Precigen, Inc. (NASDAQ:PGEN - Get Free Report) crossed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $5.28 and traded as low as $4.91. Precigen shares last traded at $5.14, with a volume of 20,608,278 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PGEN. Zacks Research cut Precigen from a "strong-buy" rating to a "hold" rating in a report on Monday, October 5th. Weiss Ratings restated a "sell (d-)" rating on shares of Precigen in a research report on Thursday, October 15th. HC Wainwright lifted their price target on Precigen from $14.00 to $18.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Wall Street Zen lowered shares of Precigen from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Finally, B. Riley Financial began coverage on shares of Precigen in a research note on Friday, September 25th. They issued a "buy" rating and a $12.00 price objective on the stock. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $13.67.

Precigen Price Performance

The company has a debt-to-equity ratio of 2.15, a quick ratio of 3.89 and a current ratio of 4.58. The stock has a market capitalization of $1.83 billion, a price-to-earnings ratio of -4.94 and a beta of 0.92. The company has a 50-day moving average of $7.18 and a 200-day moving average of $5.28.

Precigen (NASDAQ:PGEN - Get Free Report) last announced its earnings results on Tuesday, August 4th. The biotechnology company reported $0.05 EPS for the quarter, beating analysts' consensus estimates of ($0.01) by $0.06. The firm had revenue of $54.98 million for the quarter, compared to analysts' expectations of $27.98 million. Precigen had a positive return on equity of 423.75% and a negative net margin of 183.98%. The business's revenue for the quarter was up 6322.7% on a year-over-year basis. As a group, equities research analysts expect that Precigen, Inc. will post 0.23 earnings per share for the current fiscal year.

Insider Buying and Selling at Precigen

In related news, Director Jeffrey B. Kindler sold 185,000 shares of the business's stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $7.44, for a total value of $1,376,400.00. Following the completion of the transaction, the director owned 17,100 shares of the company's stock, valued at approximately $127,224. The trade was a 91.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Rutul R. Shah sold 15,342 shares of the company's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $7.50, for a total transaction of $115,065.00. Following the completion of the transaction, the chief operating officer owned 468,865 shares in the company, valued at approximately $3,516,487.50. This trade represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders sold 267,739 shares of company stock worth $1,975,990 over the last 90 days. Company insiders own 41.40% of the company's stock.

Hedge Funds Weigh In On Precigen

A number of institutional investors have recently modified their holdings of PGEN. State of Wyoming purchased a new stake in Precigen in the 1st quarter worth approximately $27,000. Royal Bank of Canada lifted its stake in shares of Precigen by 102.6% during the 1st quarter. Royal Bank of Canada now owns 10,714 shares of the biotechnology company's stock worth $41,000 after purchasing an additional 5,426 shares during the period. Chicago Partners Investment Group LLC purchased a new position in shares of Precigen during the 1st quarter worth $43,000. Carolina Wealth Advisors LLC purchased a new position in shares of Precigen during the 3rd quarter worth $46,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Precigen during the first quarter worth $49,000. Institutional investors and hedge funds own 33.51% of the company's stock.

About Precigen

Precigen, Inc is a clinical-stage biotechnology company focused on developing gene and cell therapies for cancer and serious diseases. The company uses its proprietary UltraCAR-T, AdenoVerse, and other gene-engineering platforms to design potential treatments intended to improve the targeting, persistence, and manufacturing of therapeutic cells and genetic medicines.

Precigen's pipeline has included PRGN-2012, an investigational immunotherapy based on a gorilla adenovector for recurrent respiratory papillomatosis, as well as PRGN-2001, an investigational HPV-targeted immunotherapy.

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