Precigen (NASDAQ:PGEN) Announces Earnings Results, Beats Expectations By $0.02 EPS

Precigen (NASDAQ:PGEN) released its quarterly earnings data on Wednesday. The biotechnology company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02, FiscalAI reports. Precigen had a positive return on equity of 423.75% and a negative net margin of 183.98%. The firm had revenue of $74.15 million during the quarter, compared to analysts’ expectations of $71.55 million. During the same quarter last year, the firm earned ($1.06) earnings per share. The business’s revenue for the quarter was up 2437.6% on a year-over-year basis.

Here are the key takeaways from Precigen’s conference call:

• PAPZIMEOS continued its rapid commercial ramp: Q3 net product revenue was $72.9 million, up about 37% from Q2, with more than 500 patients having started treatment and coverage spanning over 315 million U.S. lives.
• Precigen reached profitability and positive operating cash flow: The company reported Q3 net income of $35.8 million and $11.9 million in cash from operations, ahead of its prior cash-flow timeline; it ended the quarter with $51 million in cash and investments plus $96.5 million in receivables.
• Competition is approaching in the RRP market. Management said it anticipated a new entrant and believes PAPZIMEOS’s efficacy, safety, durability, and established commercial network position it favorably, but the competitor’s launch could challenge its market leadership.
• Precigen is pursuing growth beyond the current U.S. adult indication: The EMA is reviewing its PAPZIMEOS application, a redosing study is enrolling with data expected in 2028, and the FDA’s Platform Technology Designation may help advance the AdenoVerse pipeline, including PRGN-2009.

Precigen Stock Down 3.8%

Shares of PGEN stock traded down $0.20 on Wednesday, hitting $5.05. The company’s stock had a trading volume of 10,440,708 shares, compared to its average volume of 4,842,980. The stock has a market capitalization of $1.80 billion, a price-to-earnings ratio of -4.86 and a beta of 1.01. Precigen has a fifty-two week low of $3.04 and a fifty-two week high of $8.98. The firm’s fifty day moving average price is $7.14 and its 200-day moving average price is $5.28. The company has a debt-to-equity ratio of 2.15, a current ratio of 4.58 and a quick ratio of 3.89.

Wall Street Analyst Weigh In

PGEN has been the topic of several research reports. Wall Street Zen lowered Precigen from a “strong-buy” rating to a “buy” rating in a research report on Saturday. HC Wainwright lifted their price target on Precigen from $14.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Zacks Research cut Precigen from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 5th. B. Riley Financial assumed coverage on Precigen in a report on Friday, September 25th. They issued a “buy” rating and a $12.00 price objective on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Precigen in a report on Thursday, October 15th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $13.67.

Insider Buying and Selling at Precigen

In other Precigen news, COO Rutul Shah sold 34,658 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $7.50, for a total transaction of $259,935.00. Following the transaction, the chief operating officer directly owned 465,012 shares in the company, valued at $3,487,590. This trade represents a 6.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jeffrey Kindler sold 185,000 shares of the business’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $7.44, for a total value of $1,376,400.00. Following the completion of the sale, the director directly owned 17,100 shares of the company’s stock, valued at $127,224. This represents a 91.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 267,739 shares of company stock worth $1,975,990 over the last three months. Company insiders own 41.40% of the company’s stock.

Precigen Company Profile

Precigen, Inc is a clinical-stage biotechnology company focused on developing gene and cell therapies for cancer and serious diseases. The company uses its proprietary UltraCAR-T, AdenoVerse, and other gene-engineering platforms to design potential treatments intended to improve the targeting, persistence, and manufacturing of therapeutic cells and genetic medicines.

Precigen’s pipeline has included PRGN-2012, an investigational immunotherapy based on a gorilla adenovector for recurrent respiratory papillomatosis, as well as PRGN-2001, an investigational HPV-targeted immunotherapy.