Precigen (NASDAQ:PGEN) Shares Down 6% – Here’s What Happened
by Kim Johansen · The Markets DailyShares of Precigen, Inc. (NASDAQ:PGEN – Get Free Report) fell 6% on Thursday . The stock traded as low as $4.51 and last traded at $4.5850. 855,727 shares changed hands during trading, a decline of 77% from the average session volume of 3,759,190 shares. The stock had previously closed at $4.88.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on PGEN. HC Wainwright boosted their target price on shares of Precigen from $8.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, November 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Precigen in a research note on Thursday, January 22nd. Wall Street Zen downgraded shares of Precigen from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Finally, Zacks Research lowered shares of Precigen from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $8.50.
Precigen Trading Down 2.9%
The company has a market cap of $1.55 billion, a PE ratio of -3.15 and a beta of 1.07. The company has a current ratio of 4.04, a quick ratio of 3.95 and a debt-to-equity ratio of 2.22. The stock has a 50 day moving average price of $4.46 and a 200 day moving average price of $3.95.
Insiders Place Their Bets
In other Precigen news, Director Randal J. Kirk sold 1,900,036 shares of the firm’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $4.18, for a total value of $7,942,150.48. Following the transaction, the director directly owned 341,189 shares of the company’s stock, valued at approximately $1,426,170.02. This trade represents a 84.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 47.10% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Invesco Ltd. increased its stake in Precigen by 250.8% in the 4th quarter. Invesco Ltd. now owns 373,782 shares of the biotechnology company’s stock worth $1,562,000 after acquiring an additional 267,223 shares during the last quarter. NewEdge Advisors LLC purchased a new position in shares of Precigen during the fourth quarter valued at approximately $45,000. XTX Topco Ltd raised its holdings in shares of Precigen by 25.2% in the fourth quarter. XTX Topco Ltd now owns 49,668 shares of the biotechnology company’s stock worth $208,000 after buying an additional 10,005 shares during the period. VARCOV Co. bought a new stake in shares of Precigen during the 4th quarter worth approximately $224,000. Finally, Virtus Investment Advisers LLC purchased a new stake in shares of Precigen during the fourth quarter valued at $301,000. 33.51% of the stock is currently owned by institutional investors.
Precigen Company Profile
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.