Precigen (NASDAQ:PGEN) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Precigen (NASDAQ:PGEN) from a hold rating to a buy rating in a research report sent to investors on Tuesday, reports. The firm currently has $3.50 target price on the biotechnology company’s stock.

According to Zacks, “Precigen Inc. is a biopharmaceutical company. It specialise in the development of gene and cell therapies for immuno-oncology, autoimmune disorders and infectious diseases. The company’s transformative therapeutic platforms, including UltraCAR-T(TM), AdenoVerse(TM) cytokine therapies, multifunctional therapeutics and off-the-shelf AdenoVerse(TM) immunotherapies, as well as ActoBio Therapeutics, Exemplar Genetics and Triple-Gene from our subsidiaries. Precigen Inc., formerly known as Intrexon Corporation, is based in Germantown, Maryland. “

Separately, JMP Securities reiterated a buy rating and set a $13.00 price objective on shares of Precigen in a research report on Tuesday, December 14th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of Buy and a consensus price target of $11.25.

Shares of NASDAQ:PGEN opened at $3.23 on Tuesday. Precigen has a one year low of $3.02 and a one year high of $9.89. The stock has a fifty day moving average of $3.82 and a 200-day moving average of $4.95. The company has a market capitalization of $667.76 million, a PE ratio of -5.67 and a beta of 2.27. The company has a debt-to-equity ratio of 1.37, a quick ratio of 4.94 and a current ratio of 5.28.

Precigen (NASDAQ:PGEN) last announced its quarterly earnings data on Monday, November 8th. The biotechnology company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). Precigen had a negative net margin of 109.91% and a negative return on equity of 68.90%. The company had revenue of $21.56 million for the quarter, compared to analyst estimates of $24.47 million. As a group, research analysts forecast that Precigen will post -0.49 EPS for the current fiscal year.

In other Precigen news, insider Donald P. Lehr sold 10,356 shares of the stock in a transaction on Wednesday, January 5th. The shares were sold at an average price of $3.59, for a total transaction of $37,178.04. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Randal J. Kirk bought 206,004 shares of the stock in a transaction on Monday, November 22nd. The shares were acquired at an average cost of $3.59 per share, for a total transaction of $739,554.36. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 540,165 shares of company stock valued at $1,993,983 and sold 41,239 shares valued at $149,183. 42.70% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of PGEN. New York State Teachers Retirement System acquired a new position in Precigen during the third quarter worth $4,281,000. Morgan Stanley acquired a new stake in shares of Precigen in the first quarter valued at about $2,245,000. Third Security LLC grew its position in shares of Precigen by 0.7% in the second quarter. Third Security LLC now owns 82,326,865 shares of the biotechnology company’s stock valued at $536,771,000 after purchasing an additional 566,388 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of Precigen in the third quarter valued at about $2,595,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Precigen in the third quarter valued at about $2,187,000. 66.66% of the stock is currently owned by hedge funds and other institutional investors.

About Precigen

Precigen, Inc is a biotechnology company, which engages in the research and development of synthetic biology technologies. The firm focuses on programming biological systems to alleviate disease, remediate environmental challenges, and provide sustainable food and industrial chemicals. It operates through the following segments: PGEN Therapeutics, ActoBio, Trans Ova and Human Biotherapeutics.

Further Reading: Outperform Rating

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