Buy Rating Affirmed for Precigen Amid Promising Clinical Data and Strong Financial Outlook

Swayampakula Ramakanth, an analyst from H.C. Wainwright, maintained the Buy rating on Precigen (PGEN – Research Report). The associated price target remains the same with $6.00.

Swayampakula Ramakanth has given his Buy rating due to a combination of factors including Precigen’s promising clinical data and the financial outlook for the company’s key therapies. The anticipation of pivotal Phase 2 study results for PRGN-2012 at the upcoming ASCO meeting has been highlighted as a significant near-term focus. With the FDA’s agreement to consider this data for potential accelerated approval, Ramakanth sees a strong pathway for PRGN-2012, which is projected to generate substantial revenues by 2030. Additionally, the company’s financial position, with sufficient cash to fund operations into the next crucial phase, reinforces this positive outlook.
Moreover, the ongoing developments of other treatments, such as UltraCAR-T therapies PRGN-3006 and PRGN-3007, and the HPV+ oropharyngeal carcinoma treatment PRGN-2009, are on track with expected data readouts that could further validate Precigen’s portfolio. Ramakanth’s valuation is based on a risk-adjusted net present value analysis of these projected future revenues, maintaining a 12-month price target for PGEN’s stock. While acknowledging the risks inherent in clinical development and commercialization, the report maintains a Buy rating, suggesting confidence in Precigen’s potential for growth and value creation.

In another report released today, JMP Securities also reiterated a Buy rating on the stock with a $14.00 price target.

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Precigen (PGEN) Company Description:

Precigen, Inc. is a biotechnology company, which engages in the research and development of synthetic biology technologies. It focuses on programming biological systems to alleviate disease, remediate environmental challenges, and provide sustainable food and industrial chemicals. The product pipeline includes Isobutanol, Isobutyraldehyde, Farnesene, and Isoprene. The company was founded by Thomas David Reed in 1998 and is headquartered in Germantown, MD.