Precigen (NASDAQ:PGEN) Shares Gap Down - Here's Why

Key Points

• Precigen shares fell 23.5%, opening at $5.36 versus the prior close of $6.94, amid heavy trading volume.
• Analyst sentiment is mixed: four analysts rate the stock Buy, while others recently downgraded it to Hold or Sell. The consensus remains Moderate Buy, with an average price target of $13.67.
• Insiders sold 267,739 shares worth nearly $2.0 million over the past three months, including substantial sales by a director and the COO, although some transactions were tied to tax obligations from equity awards.

Precigen, Inc. (NASDAQ:PGEN - Get Free Report)'s stock price gapped down prior to trading on Monday. The stock had previously closed at $6.94, but opened at $5.36. Precigen shares last traded at $5.1150, with a volume of 4,272,484 shares.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Precigen in a report on Thursday, October 15th. Zacks Research cut Precigen from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 5th. Wall Street Zen downgraded Precigen from a "strong-buy" rating to a "buy" rating in a research report on Saturday. 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. Finally, B. Riley Financial started coverage on Precigen in a report on Friday, September 25th. They issued a "buy" rating and a $12.00 price objective for the company. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $13.67.

Precigen Trading Down 23.5%

The company has a quick ratio of 3.89, a current ratio of 4.58 and a debt-to-equity ratio of 2.15. The stock's fifty day moving average price is $7.22 and its two-hundred day moving average price is $5.27. The company has a market capitalization of $1.89 billion, a PE ratio of -5.09 and a beta of 1.01.

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

Insiders Place Their Bets

In other Precigen news, COO Rutul Shah sold 34,658 shares of the company's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $7.50, for a total value of $259,935.00. Following the completion of the transaction, the chief operating officer directly owned 465,012 shares in the company, valued at approximately $3,487,590. This represents a 6.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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, Director Jeffrey Kindler sold 185,000 shares of the company's stock in a transaction on Wednesday, August 26th. The stock was 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. This trade represents 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 have sold 267,739 shares of company stock worth $1,975,990. Insiders own 41.40% of the company's stock.

Hedge Funds Weigh In On Precigen

Institutional investors have recently bought and sold shares of the stock. State of Wyoming purchased a new position in shares of Precigen during the 1st quarter worth approximately $27,000. Royal Bank of Canada raised its position in shares of Precigen by 102.6% in the 1st quarter. Royal Bank of Canada now owns 10,714 shares of the biotechnology company's stock worth $41,000 after acquiring an additional 5,426 shares in the last quarter. Chicago Partners Investment Group LLC purchased a new position in shares of Precigen in the 1st quarter valued at approximately $43,000. Carolina Wealth Advisors LLC purchased a new position in shares of Precigen in the 3rd quarter valued at approximately $46,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Precigen during the first quarter valued at approximately $49,000. 33.51% of the stock is owned by institutional investors.

Precigen Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.