HC Wainwright Forecasts Strong Price Appreciation for Precigen (NASDAQ:PGEN) Stock

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

Other equities analysts also recently issued reports about the stock. Citigroup reissued an “outperform” rating on shares of Precigen in a research note on Tuesday, August 19th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Precigen in a research note on Wednesday, October 8th. JPMorgan Chase & Co. upgraded shares of Precigen from an “underweight” rating to a “neutral” rating in a report on Friday, August 15th. Finally, JMP Securities upped their price objective 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. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Precigen has a consensus rating of “Moderate Buy” and a consensus target price of $8.50.

Precigen Trading Up 32.9%

NASDAQ PGEN traded up $1.27 on Friday, hitting $5.13. The company’s stock had a trading volume of 6,578,637 shares, compared to its average volume of 4,197,079. Precigen has a 52-week low of $0.65 and a 52-week high of $5.22. The company’s 50-day simple moving average is $3.78 and its 200 day simple moving average is $2.59. The firm has a market cap of $1.53 billion, a P/E ratio of -12.20 and a beta of 1.71.

Precigen (NASDAQ:PGEN) last announced 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 business had revenue of $2.92 million during the quarter, compared to analysts’ expectations 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 forecast that Precigen will post -0.32 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Precigen

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. bought a new stake in Precigen in the 3rd quarter worth approximately $41,000. Vontobel Holding Ltd. purchased a new position in shares of Precigen in the 3rd quarter worth $48,000. Voya Investment Management LLC grew its holdings in shares of Precigen by 142.9% in the first quarter. Voya Investment Management LLC now owns 36,771 shares of the biotechnology company’s stock worth $55,000 after acquiring an additional 21,633 shares during the period. Flower City Capital bought a new stake in shares of Precigen in the third quarter worth $66,000. Finally, BNP Paribas Financial Markets increased its position in Precigen by 134.7% during the second quarter. BNP Paribas Financial Markets now owns 48,803 shares of the biotechnology company’s stock valued at $69,000 after acquiring an additional 28,005 shares during the last quarter. Hedge funds and other institutional investors own 33.51% of the company’s stock.

Precigen Company Profile

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.