HC Wainwright Increases Precigen (NASDAQ:PGEN) Price Target to $9.00

Precigen (NASDAQ:PGEN) had its price target increased by analysts at HC Wainwright from $8.50 to $9.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s price target indicates a potential upside of 75.47% from the company’s previous close.

A number of other research analysts have also weighed in on the company. JPMorgan Chase & Co. raised Precigen from an “underweight” rating to a “neutral” rating in a report on Friday, August 15th. JMP Securities upped their target price on shares of Precigen from $6.00 to $8.00 and gave the stock a “market outperform” rating in a report on Tuesday, August 19th. Citigroup reissued an “outperform” rating on shares of Precigen in a report on Tuesday, August 19th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Precigen in a report on Wednesday, October 8th. Four investment 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. Based on data from MarketBeat, Precigen presently has an average rating of “Moderate Buy” and a consensus target price of $8.50.

Precigen Stock Performance

Precigen stock traded up $1.27 during mid-day trading on Friday, reaching $5.13. The company’s stock had a trading volume of 6,578,637 shares, compared to its average volume of 4,197,079. The firm’s fifty day moving average price is $3.78 and its two-hundred day moving average price is $2.59. Precigen has a 12-month low of $0.65 and a 12-month high of $5.22. The company has a market capitalization of $1.53 billion, a P/E ratio of -12.20 and a beta of 1.71.

Precigen (NASDAQ:PGEN) last posted its quarterly earnings results on Thursday, November 13th. The biotechnology company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.03). The company had revenue of $2.92 million during the quarter, compared to the consensus estimate of $0.67 million. Precigen had a negative return on equity of 842.83% and a negative net margin of 2,868.66%. On average, research analysts predict that Precigen will post -0.32 EPS for the current fiscal year.

Insider Transactions at Precigen

In other news, CFO Harry Jr. Thomasian bought 8,284 shares of the business’s stock in a transaction on Thursday, September 25th. The stock was acquired at an average price of $3.62 per share, with a total value of $29,988.08. Following the completion of the purchase, the chief financial officer directly owned 465,694 shares in the company, valued at $1,685,812.28. This represents a 1.81% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Nancy H. Agee purchased 15,000 shares of Precigen stock in a transaction on Thursday, September 4th. The shares were acquired at an average price of $4.60 per share, for a total transaction of $69,000.00. Following the completion of the transaction, the director directly owned 217,841 shares of the company’s stock, valued at approximately $1,002,068.60. The trade was a 7.39% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have purchased 54,221 shares of company stock worth $214,467 and have sold 6,984,279 shares worth $25,428,688. 47.10% of the stock is owned by insiders.

Institutional Trading of Precigen

Hedge funds have recently added to or reduced their stakes in the business. Patient Capital Management LLC boosted its position in Precigen by 62.6% during the third quarter. Patient Capital Management LLC now owns 26,460,848 shares of the biotechnology company’s stock valued at $87,056,000 after buying an additional 10,192,107 shares during the period. Parkman Healthcare Partners LLC purchased a new stake in Precigen during the 1st quarter valued at about $4,755,000. Franklin Resources Inc. grew its position in Precigen by 1,895.4% during the 3rd quarter. Franklin Resources Inc. now owns 667,178 shares of the biotechnology company’s stock worth $2,195,000 after acquiring an additional 633,743 shares during the last quarter. Bank of America Corp DE grew its position in Precigen by 258.2% during the 2nd quarter. Bank of America Corp DE now owns 832,261 shares of the biotechnology company’s stock worth $1,182,000 after acquiring an additional 599,914 shares during the last quarter. Finally, Lansing Street Advisors purchased a new position in Precigen in the 3rd quarter worth approximately $1,800,000. 33.51% of the stock is owned by institutional investors.

About Precigen

Precigen, Inc operates as a discovery and clinical-stage biopharmaceutical company that develops gene and cell therapies using precision technology to target diseases in therapeutic areas of immuno-oncology, autoimmune disorders, and infectious diseases. It operates through two segments, Biopharmaceuticals and Exemplar.