Precigen (NASDAQ:PGEN) Stock Price Up 10.9% on Analyst Upgrade

Precigen, Inc. (NASDAQ:PGEN) shot up 10.9% during trading on Tuesday after JMP Securities raised their price target on the stock from $6.00 to $8.00. JMP Securities currently has a market outperform rating on the stock. Precigen traded as high as $3.34 and last traded at $3.27. 6,747,803 shares traded hands during trading, an increase of 107% from the average session volume of 3,257,594 shares. The stock had previously closed at $2.95.

A number of other equities analysts also recently weighed in on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Precigen in a research note on Thursday, May 15th. Citigroup reissued an “outperform” rating on shares of Precigen in a report on Tuesday. Wall Street Zen raised Precigen from a “sell” rating to a “hold” rating in a report on Saturday, July 12th. JPMorgan Chase & Co. upgraded Precigen from an “underweight” rating to a “neutral” rating in a research report on Friday, August 15th. Finally, HC Wainwright reissued a “buy” rating and issued a $8.50 target price on shares of Precigen in a research note on Tuesday. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $8.25.

Hedge Funds Weigh In On Precigen

Several institutional investors have recently modified their holdings of PGEN. Geode Capital Management LLC increased its stake in Precigen by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 3,299,851 shares of the biotechnology company’s stock worth $3,696,000 after purchasing an additional 53,343 shares in the last quarter. Barclays PLC raised its stake in shares of Precigen by 28.3% in the 4th quarter. Barclays PLC now owns 242,899 shares of the biotechnology company’s stock valued at $272,000 after purchasing an additional 53,546 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Precigen by 12.0% in the fourth quarter. Wells Fargo & Company MN now owns 114,558 shares of the biotechnology company’s stock valued at $128,000 after purchasing an additional 12,285 shares in the last quarter. ProShare Advisors LLC boosted its position in shares of Precigen by 26.6% during the fourth quarter. ProShare Advisors LLC now owns 51,822 shares of the biotechnology company’s stock worth $58,000 after buying an additional 10,900 shares during the period. Finally, Bank of America Corp DE boosted its position in shares of Precigen by 11.6% during the fourth quarter. Bank of America Corp DE now owns 207,300 shares of the biotechnology company’s stock worth $232,000 after buying an additional 21,626 shares during the period. Institutional investors own 33.51% of the company’s stock.

Precigen Stock Down 0.3%

The stock has a fifty day moving average of $1.78 and a 200-day moving average of $1.63. The firm has a market capitalization of $956.49 million, a P/E ratio of -7.64 and a beta of 1.87.

Precigen (NASDAQ:PGEN) last released its earnings results on Tuesday, August 12th. The biotechnology company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.03. Precigen had a negative return on equity of 842.83% and a negative net margin of 2,868.66%.The firm had revenue of $0.86 million for the quarter, compared to analysts’ expectations of $0.67 million. Sell-side analysts predict that Precigen, Inc. will post -0.32 EPS for the current fiscal year.

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.