In a report released yesterday, Jason Butler from JMP Securities reiterated a Buy rating on Precigen (PGEN – Research Report), with a price target of $14.00.
Jason Butler has given his Buy rating to Precigen based on a comprehensive assessment of the company’s upcoming milestones and product pipeline. His optimism is rooted in the anticipated submission of a Biologics License Application (BLA) for PRGN-2012 in recurrent respiratory papillomatosis (RRP), which is on track for the second half of 2024, with a potential product launch in 2025. Butler underscores the strategic alignment with the FDA and the company’s proactive steps towards commercial readiness as key indicators that support his positive outlook.
Moreover, the broader development pipeline of Precigen, including PRGN-2009’s progression in HPV-related cancers and the ongoing studies of UltraCAR-T therapies in various cancers, contribute to the favorable rating. Butler takes note of the multiple clinical trials that are advancing and the expected data readouts in the near term, which could serve as significant catalysts for the stock. His valuation also incorporates a risk-adjusted, sum-of-the-parts analysis that leads to a $14 price target, reflecting a conviction in Precigen’s diversified portfolio and its potential to deliver on key clinical and regulatory milestones.
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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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