Precigen (NASDAQ:PGEN) Stock Falls 9.4% - Here's Why

Key Points

• Precigen shares fell 9.4% to about $6.53 in mid-day trading, with volume down 45% from the average session.
• Analyst opinions remain mixed, but the stock carries a consensus “Moderate Buy” rating and an average price target of $13.67, well above its trading price.
• Recent results exceeded expectations, with quarterly revenue of $54.98 million and EPS of $0.05, although the company reported a negative net margin. Insiders have sold roughly $2.8 million of stock over the past 90 days, while institutional ownership stands at 33.51%.

Precigen, Inc. (NASDAQ:PGEN - Get Free Report) fell 9.4% during mid-day trading on Friday. The stock traded as low as $6.47 and last traded at $6.5250. 2,586,815 shares traded hands during trading, a decline of 45% from the average session volume of 4,673,632 shares. The stock had previously closed at $7.20.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PGEN. HC Wainwright increased their price target on shares of Precigen from $14.00 to $18.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Zacks Research downgraded Precigen from a "strong-buy" rating to a "hold" rating in a report on Monday, October 5th. B. Riley Financial assumed coverage on Precigen in a report on Friday, September 25th. They set a "buy" rating and a $12.00 target price on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Precigen in a research report on Thursday. Finally, Wall Street Zen upgraded Precigen from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $13.67.

Precigen Stock Performance

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 company's 50 day moving average is $7.31 and its 200-day moving average is $5.61. The company has a market capitalization of $2.32 billion, a P/E ratio of -6.26 and a beta of 0.92.

Precigen (NASDAQ:PGEN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.06. The business had revenue of $54.98 million for the quarter, compared to analyst estimates of $27.98 million. Precigen had a negative net margin of 183.98% and a positive return on equity of 423.75%. The company's revenue was up 6322.7% compared to the same quarter last year. Equities analysts anticipate that Precigen, Inc. will post 0.24 EPS for the current fiscal year.

Insider Activity

In other Precigen news, Director Jeffrey B. Kindler sold 185,000 shares of the firm's stock in a transaction dated 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 sale, the director directly owned 17,100 shares in the company, valued at approximately $127,224. This trade represents a 91.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Rutul R. Shah sold 34,658 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $7.50, for a total transaction of $259,935.00. Following the sale, the chief operating officer directly owned 465,012 shares of the company's stock, valued at $3,487,590. This trade represents a 6.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Over the last ninety days, insiders sold 401,511 shares of company stock worth $2,801,508. Insiders own 41.40% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Patient Capital Management LLC bought a new stake in shares of Precigen in the second quarter worth approximately $108,511,000. BlackRock Inc. bought a new position in shares of Precigen during the 2nd quarter valued at $97,737,000. Bank of America Corp DE purchased a new position in shares of Precigen in the 2nd quarter worth $10,536,000. Bank of New York Mellon Corp purchased a new position in shares of Precigen in the 2nd quarter worth $2,705,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Precigen in the 1st quarter worth $1,531,000. 33.51% of the stock is owned by institutional investors.

About Precigen

Precigen, Inc NASDAQ: PGEN is a clinical-stage biopharmaceutical company focused on developing gene and cell therapies for serious diseases, including cancer, infectious diseases and certain immune-related conditions. The company uses its proprietary technologies to engineer therapies intended to improve treatment precision, durability and accessibility.

Precigen's pipeline has included PRGN-2012, an investigational immunotherapy for recurrent respiratory papillomatosis, as well as programs based on its UltraCAR-T platform for cancer treatment.

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