Iridian Asset Management LLC CT Sells 611,716 Shares of Precigen, Inc. $PGEN

Iridian Asset Management LLC CT cut its stake in Precigen, Inc. (NASDAQ:PGEN) by 14.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,666,946 shares of the biotechnology company’s stock after selling 611,716 shares during the period. Precigen comprises approximately 4.7% of Iridian Asset Management LLC CT’s holdings, making the stock its 8th largest holding. Iridian Asset Management LLC CT owned approximately 1.23% of Precigen worth $12,064,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PGEN. Vontobel Holding Ltd. bought a new stake in Precigen in the third quarter valued at $48,000. Flower City Capital acquired a new stake in shares of Precigen in the 3rd quarter valued at $66,000. BNP Paribas Financial Markets grew its holdings in shares of Precigen by 134.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 48,803 shares of the biotechnology company’s stock worth $69,000 after purchasing an additional 28,005 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Precigen by 258.2% in the 2nd quarter. Bank of America Corp DE now owns 832,261 shares of the biotechnology company’s stock worth $1,182,000 after purchasing an additional 599,914 shares during the last quarter. Finally, Diametric Capital LP acquired a new stake in shares of Precigen during the 2nd quarter worth about $476,000. Institutional investors own 33.51% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on PGEN shares. HC Wainwright upped their price objective on shares of Precigen from $8.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Precigen in a research report on Wednesday, October 8th. Finally, Wall Street Zen downgraded Precigen from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $8.50.

Precigen Price Performance

Shares of PGEN stock opened at $4.59 on Monday. Precigen, Inc. has a 1 year low of $1.05 and a 1 year high of $5.22. 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 firm’s 50 day moving average is $4.05 and its 200-day moving average is $3.37. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of -3.30 and a beta of 1.10.

Precigen (NASDAQ:PGEN) last posted its quarterly earnings data on Thursday, November 13th. The biotechnology company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.03). Precigen had a positive return on equity of 1,066.10% and a negative net margin of 3,912.92%.The company had revenue of $2.92 million during the quarter, compared to the consensus estimate of $0.67 million. Sell-side analysts forecast that Precigen, Inc. will post -0.32 EPS for the current fiscal year.

Insider Buying and Selling at Precigen

In other news, Director Randal J. Kirk sold 1,900,036 shares of the company’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $4.18, for a total transaction of $7,942,150.48. Following the transaction, the director owned 341,189 shares of the company’s stock, valued at $1,426,170.02. This represents a 84.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 4,866,329 shares of company stock worth $20,233,899 in the last ninety days. Insiders own 47.10% of the company’s stock.

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.