Precigen (NASDAQ:PGEN) Stock Price Down 3.6% – Here’s What Happened

Precigen, Inc. (NASDAQ:PGEN)’s stock price traded down 3.6% on Friday . The company traded as low as $7.13 and last traded at $7.17. Approximately 1,029,945 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 4,669,477 shares. The stock had previously closed at $7.44.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PGEN. Zacks Research raised shares of Precigen from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 5th. Wall Street Zen raised shares of Precigen from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 8th. Citizens Jmp increased their price objective on shares of Precigen from $9.00 to $11.00 and gave the company a “market outperform” rating in a research report on Thursday, May 14th. Citigroup restated an “outperform” rating on shares of Precigen in a research report on Thursday, May 14th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Precigen in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Precigen currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.50.

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 business’s 50 day simple moving average is $5.81 and its 200 day simple moving average is $4.65. The company has a market cap of $2.57 billion, a P/E ratio of -6.92 and a beta of 1.02.

Precigen (NASDAQ:PGEN) last issued its earnings results on Tuesday, August 4th. The biotechnology company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.06. The company had revenue of $54.98 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 6322.7% compared to the same quarter last year. Sell-side analysts predict that Precigen, Inc. will post 0.25 earnings per share for the current fiscal year.

Insider Activity at Precigen

In other news, CFO Harry Jr. Thomasian sold 100,000 shares of Precigen stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $6.06, for a total transaction of $606,000.00. Following the sale, the chief financial officer owned 254,535 shares in the company, valued at $1,542,482.10. This trade represents a 28.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Rutul R. Shah sold 32,739 shares of the business’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $6.86, for a total transaction of $224,589.54. Following the completion of the transaction, the chief operating officer directly owned 465,012 shares in the company, valued at $3,189,982.32. This trade represents a 6.58% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 989,239 shares of company stock valued at $5,472,960. Corporate insiders own 41.40% of the company’s stock.

Institutional Trading of Precigen

Several hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC grew its position in shares of Precigen by 216.9% during the first quarter. AQR Capital Management LLC now owns 63,179 shares of the biotechnology company’s stock valued at $94,000 after purchasing an additional 43,245 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Precigen by 12.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 81,610 shares of the biotechnology company’s stock valued at $122,000 after buying an additional 9,043 shares during the last quarter. Strs Ohio bought a new position in Precigen during the first quarter valued at approximately $70,000. Geode Capital Management LLC grew its holdings in Precigen by 7.7% during the 2nd quarter. Geode Capital Management LLC now owns 3,749,182 shares of the biotechnology company’s stock valued at $5,325,000 after buying an additional 269,580 shares in the last quarter. Finally, Creative Planning grew its holdings in Precigen by 127.8% during the 2nd quarter. Creative Planning now owns 94,291 shares of the biotechnology company’s stock valued at $134,000 after buying an additional 52,901 shares in the last quarter. Hedge funds and other institutional investors own 33.51% of the company’s stock.

About Precigen

Precigen, Inc (NASDAQ: PGEN) is a biotechnology company focused on the discovery, development and commercialization of genetic medicines. The company leverages proprietary gene and cell therapy platforms to design targeted therapies for oncology, infectious diseases and rare conditions. Precigen’s approach combines synthetic biology, immuno-oncology and microbiome engineering to create precision treatments intended to enhance efficacy while minimizing off-target effects.

The centerpiece of Precigen’s technology is its OmniCAR platform, which enables the rapid generation of adaptable chimeric antigen receptor (CAR) T-cell products.