H.C. Wainwright analyst Swayampakula Ramakanth has maintained their bullish stance on PGEN stock, giving a Buy rating today.
Swayampakula Ramakanth’s Buy rating for Precigen is based on a number of factors. Firstly, the progress of Precigen’s pipeline, in particular PRGN-2012, is a significant component. This drug is currently in a pivotal Phase 1/2 study for treatment of recurrent respiratory papillomatosis (RRP) in adults. The preliminary data from Phase 1 has been encouraging, with all patients achieving complete response and remaining surgery-free for up to two years post-treatment. The company is also preparing to file for PRGN-2012 approval in 2024, with revenue projections for the drug anticipated to reach $620M by 2025, following its expected FDA approval in 1Q25.
Precigen’s financial standing also contributes to the Buy rating. Despite a 3Q23 net loss of $0.08 per share, the company reported cash and cash equivalents of roughly $74M, sufficient to fund operations into the future. Other pipeline developments, including the ongoing enrollment for the Phase 2 study of PRGN-2009 and plans for data reporting from the dose-escalation Phase 1 study of PRGN-3006, also bolster the company’s position. Lastly, the price target of $6 is derived from a risk-adjusted net present value analysis of projected future revenues from PRGN-3005, PRGN-3006, PRGN-2009, and PRGN-2012. This valuation, coupled with the potential of its AdenoVerse immunotherapy platform, substantiates the Buy rating.
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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Based on the recent corporate insider activity of 55 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PGEN in relation to earlier this year.
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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.
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