Precigen (NASDAQ:PGEN) Shares Down 15.9% – Time to Sell?

Precigen, Inc. (NASDAQ:PGEN) was down 15.9% during mid-day trading on Thursday. The stock traded as low as $4.10 and last traded at $4.2460. Approximately 3,990,953 shares changed hands during mid-day trading, a decline of 17% from the average daily volume of 4,823,642 shares. The stock had previously closed at $5.05.

Precigen News Summary

Here are the key news stories impacting Precigen this week:

• Positive Sentiment: PAPZIMEOS revenue increased 37% sequentially to $72.9 million, bringing launch-to-date product revenue to $151 million. Precigen also reported positive third-quarter cash flow a quarter ahead of its guidance and $35.8 million in net income. Precigen Q3 results
• Positive Sentiment: Revenue of $74.1 million exceeded the cited $71.5 million estimate, and EPS of $0.08 beat the $0.06 consensus cited by some reports. Citizens JMP raised its price target to $12 from $11 and maintained a “market outperform” rating, signaling analyst confidence in potential upside. Citizens forecast and rating
• Positive Sentiment: The FDA granted platform technology designation to Precigen’s AdenoVerse platform, while longer-term follow-up data showed durable complete responses after PAPZIMEOS treatment for up to five years. These developments could support future product development and confidence in the therapy. Precigen business updates
• Neutral Sentiment: EPS estimate comparisons differ: one report said $0.08 missed Zacks’ $0.09 consensus, despite beating the $0.06 estimate cited elsewhere. This conflicting benchmark may temper the otherwise favorable revenue and operating news. Zacks earnings report

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PGEN. Raymond James Financial set a $12.00 price objective on Precigen in a research report on Thursday. Wall Street Zen cut Precigen from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 31st. Citigroup restated a “market outperform” rating on shares of Precigen in a research note on Thursday. Citizens Jmp upped their target price on Precigen from $11.00 to $12.00 and gave the stock a “market outperform” rating in a research note on Thursday. Finally, Zacks Research cut Precigen from a “strong-buy” rating to a “hold” rating in a report 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 company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.50.

Precigen Trading Down 19.3%

The company has a quick ratio of 3.89, a current ratio of 4.58 and a debt-to-equity ratio of 2.15. The firm has a market capitalization of $1.45 billion, a P/E ratio of -3.90 and a beta of 1.01. The firm’s 50-day simple moving average is $7.09 and its 200-day simple moving average is $5.28.

Precigen (NASDAQ:PGEN) last issued its quarterly earnings results on Wednesday, November 4th. The biotechnology company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. The firm had revenue of $74.15 million for the quarter, compared to analyst estimates of $71.55 million. Precigen had a negative net margin of 183.98% and a positive return on equity of 423.75%. The business’s revenue for the quarter was up 2437.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.06) EPS. Analysts anticipate that Precigen, Inc. will post 0.23 EPS for the current year.

Insider Buying and Selling at Precigen

In related news, Director Jeffrey Kindler sold 185,000 shares of the company’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 directly owned 17,100 shares in the company, valued at approximately $127,224. The trade was a 91.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Rutul Shah sold 34,658 shares of Precigen stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $7.50, for a total value of $259,935.00. Following the sale, the chief operating officer directly owned 465,012 shares of the company’s stock, valued at approximately $3,487,590. This trade represents a 6.94% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders sold 235,000 shares of company stock valued at $1,751,400 over the last quarter. 41.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Precigen

A number of large investors have recently modified their holdings of the company. Carolina Wealth Advisors LLC purchased a new stake in Precigen in the third quarter worth approximately $46,000. USA Financial Formulas bought a new position in Precigen during the third quarter valued at approximately $52,000. Sterling Capital Management LLC raised its stake in shares of Precigen by 847.8% during the third quarter. Sterling Capital Management LLC now owns 6,426 shares of the biotechnology company’s stock worth $55,000 after acquiring an additional 5,748 shares in the last quarter. State of Wyoming purchased a new position in shares of Precigen during the first quarter worth approximately $27,000. Finally, Royal Bank of Canada lifted its holdings in shares of Precigen by 102.6% in the 1st quarter. Royal Bank of Canada now owns 10,714 shares of the biotechnology company’s stock worth $41,000 after acquiring an additional 5,426 shares during the last quarter. 33.51% of the stock is owned by hedge funds and other institutional investors.

Precigen Company Profile

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.