Precigen (NASDAQ:PGEN – Get Free Report) released its quarterly earnings results on Wednesday. The biotechnology company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.02, FiscalAI reports. Precigen had a positive return on equity of 423.75% and a negative net margin of 183.98%. The company had revenue of $74.15 million during the quarter, compared to the consensus estimate of $71.55 million.
Here are the key takeaways from Precigen’s conference call:
- PAPZIMEOS continued its rapid commercial ramp: Q3 net product revenue was $72.9 million, up about 37% from Q2, with more than 500 patients having started treatment and coverage spanning over 315 million U.S. lives.
- Precigen reached profitability and positive operating cash flow: The company reported Q3 net income of $35.8 million and $11.9 million in cash from operations, ahead of its prior cash-flow timeline; it ended the quarter with $51 million in cash and investments plus $96.5 million in receivables.
- Competition is approaching in the RRP market. Management said it anticipated a new entrant and believes PAPZIMEOS’s efficacy, safety, durability, and established commercial network position it favorably, but the competitor’s launch could challenge its market leadership.
- Precigen is pursuing growth beyond the current U.S. adult indication: The EMA is reviewing its PAPZIMEOS application, a redosing study is enrolling with data expected in 2028, and the FDA’s Platform Technology Designation may help advance the AdenoVerse pipeline, including PRGN-2009.
Precigen Trading Down 3.8%
NASDAQ PGEN traded down $0.20 during mid-day trading on Wednesday, reaching $5.05. 10,440,708 shares of the stock were exchanged, compared to its average volume of 4,842,980. Precigen has a 1-year low of $3.04 and a 1-year high of $8.98. The business’s fifty day simple moving average is $7.14 and its 200 day simple moving average is $5.28. The stock has a market capitalization of $1.80 billion, a PE ratio of -4.86 and a beta of 1.01. The company has a debt-to-equity ratio of 2.15, a quick ratio of 3.89 and a current ratio of 4.58.
Wall Street Analysts Forecast Growth
PGEN has been the topic of several recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Precigen in a research report on Thursday, October 15th. Wall Street Zen lowered Precigen from a “strong-buy” rating to a “buy” rating in a research note on Saturday. HC Wainwright lifted their price objective on Precigen from $14.00 to $18.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. B. Riley Financial started coverage on shares of Precigen in a research note on Friday, September 25th. They issued a “buy” rating and a $12.00 target price for the company. Finally, Zacks Research downgraded shares of Precigen from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 5th. 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 stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.67.
Check Out Our Latest Report on PGEN
Insider Activity at Precigen
In other Precigen news, COO Rutul Shah sold 15,342 shares of the business’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $7.50, for a total value of $115,065.00. Following the completion of the transaction, the chief operating officer directly owned 468,865 shares in the company, valued at approximately $3,516,487.50. The trade was a 3.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 business’s stock in a transaction on 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 $127,224. This trade represents a 91.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 267,739 shares of company stock valued at $1,975,990 over the last ninety days. 41.40% of the stock is owned by corporate insiders.
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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