Precigen (NASDAQ:PGEN) Announces Quarterly Earnings Results, Misses Expectations By $0.03 EPS

Precigen (NASDAQ:PGEN) reported quarterly earnings with an EPS of ($0.11), missing analysts' expectations by $0.03. The company had revenue of $2.92 million, surpassing estimates of $0.67 million. Despite a negative return on equity of 842.83% and a negative net margin of 2,868.66%, Precigen's stock rose 31% to $5.06. Insider trading included significant sales by directors, while institutional investors adjusted their holdings. Analysts have mixed ratings, with a consensus of "Moderate Buy" and an average target price of $8.50.

Precigen (NASDAQ:PGEN - Get Free Report) posted its quarterly earnings results on Thursday. The biotechnology company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.03), Zacks reports. The business had revenue of $2.92 million for the quarter, compared to the consensus estimate of $0.67 million. Precigen had a negative return on equity of 842.83% and a negative net margin of 2,868.66%.

Precigen Trading Up 31.0%

NASDAQ PGEN traded up $1.20 during trading on Friday, reaching $5.06. The company's stock had a trading volume of 6,009,250 shares, compared to its average volume of 4,197,079. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of -12.04 and a beta of 1.71. Precigen has a 12 month low of $0.65 and a 12 month high of $5.22. The firm has a 50 day moving average price of $3.78 and a 200 day moving average price of $2.59.

Insider Buying and Selling at Precigen

In other news, Director Jeffrey B. Kindler sold 106,837 shares of Precigen stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $3.38, for a total value of $361,109.06. Following the completion of the sale, the director directly owned 346,070 shares in the company, valued at approximately $1,169,716.60. The trade was a 23.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Randal J. Kirk sold 1,809,667 shares of the stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $3.41, for a total value of $6,170,964.47. Following the sale, the director directly owned 14,597,161 shares in the company, valued at $49,776,319.01. This represents a 11.03% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have purchased 54,221 shares of company stock valued at $214,467 and have sold 6,984,279 shares valued at $25,428,688. Corporate insiders own 47.10% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PGEN. Squarepoint Ops LLC bought a new stake in Precigen during the third quarter worth about $75,000. Sei Investments Co. acquired a new position in shares of Precigen in the 3rd quarter valued at approximately $240,000. UBS Group AG raised its position in shares of Precigen by 76.9% in the 3rd quarter. UBS Group AG now owns 630,604 shares of the biotechnology company's stock valued at $2,075,000 after buying an additional 274,209 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Precigen by 6.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 51,796 shares of the biotechnology company's stock worth $170,000 after acquiring an additional 2,993 shares during the period. Finally, Franklin Resources Inc. boosted its position in shares of Precigen by 1,895.4% during the 3rd quarter. Franklin Resources Inc. now owns 667,178 shares of the biotechnology company's stock worth $2,195,000 after acquiring an additional 633,743 shares in the last quarter. Institutional investors own 33.51% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on PGEN. HC Wainwright raised their price objective on Precigen from $8.50 to $9.00 and gave the company a "buy" rating in a research report on Friday. JPMorgan Chase & Co. raised Precigen from an "underweight" rating to a "neutral" rating in a report on Friday, August 15th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Precigen in a research report on Wednesday, October 8th. JMP Securities increased their price objective on shares of Precigen from $6.00 to $8.00 and gave the company a "market outperform" rating in a research report on Tuesday, August 19th. Finally, Citigroup restated an "outperform" rating on shares of Precigen in a research note on Tuesday, August 19th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $8.50.

View Our Latest Research Report on PGEN

Precigen Company Profile

(Get Free Report)

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.

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