Precigen (NASDAQ:PGEN) Trading Up 7.8% – Here’s What Happened

Shares of Precigen, Inc. (NASDAQ:PGEN) traded up 7.8% during mid-day trading on Tuesday . The stock traded as high as $4.77 and last traded at $4.86. 1,789,188 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 3,811,485 shares. The stock had previously closed at $4.51.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Citigroup reiterated an “outperform” rating on shares of Precigen in a report on Tuesday, August 19th. Cantor Fitzgerald restated an “overweight” rating on shares of Precigen in a report on Thursday, May 15th. JPMorgan Chase & Co. upgraded Precigen from an “underweight” rating to a “neutral” rating in a report on Friday, August 15th. JMP Securities upped their price target on Precigen from $6.00 to $8.00 and gave the stock a “market outperform” rating in a report on Tuesday, August 19th. Finally, HC Wainwright restated a “buy” rating and set a $8.50 price target on shares of Precigen in a report on Tuesday, August 19th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $8.25.

Precigen Stock Performance

The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -11.15 and a beta of 1.81. The business has a 50-day moving average of $2.22 and a 200-day moving average of $1.78.

Precigen (NASDAQ:PGEN) last announced its earnings results on Tuesday, August 12th. The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.03. The firm had revenue of $0.86 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 predict that Precigen, Inc. will post -0.32 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Nancy H. Agee bought 10,645 shares of the firm’s stock in a transaction that occurred on Thursday, August 28th. The stock was purchased at an average cost of $4.65 per share, with a total value of $49,499.25. Following the transaction, the director directly owned 202,841 shares in the company, valued at $943,210.65. This trade represents a 5.54% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 47.10% of the stock is currently owned by company insiders.

Institutional Trading of Precigen

A number of hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. lifted its position in Precigen by 29.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 26,343 shares of the biotechnology company’s stock worth $30,000 after acquiring an additional 5,915 shares during the period. Invesco Ltd. lifted its position in Precigen by 14.6% during the 4th quarter. Invesco Ltd. now owns 47,307 shares of the biotechnology company’s stock worth $53,000 after acquiring an additional 6,040 shares during the period. Rhumbline Advisers lifted its position in Precigen by 3.7% during the 2nd quarter. Rhumbline Advisers now owns 198,078 shares of the biotechnology company’s stock worth $281,000 after acquiring an additional 7,041 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Precigen by 12.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 81,610 shares of the biotechnology company’s stock worth $122,000 after acquiring an additional 9,043 shares during the period. Finally, ProShare Advisors LLC lifted its holdings in shares of Precigen by 26.6% in the 4th quarter. ProShare Advisors LLC now owns 51,822 shares of the biotechnology company’s stock valued at $58,000 after buying an additional 10,900 shares during the period. 33.51% of the stock is owned by institutional investors and hedge funds.

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.