In a challenging market environment, Precigen Inc. (NASDAQ:PGEN) stock has reached a 52-week low, dipping to $0.71. With a market capitalization of $209.4 million and a beta of 1.71, the small-cap biotech company shows higher volatility than the broader market. This significant downturn reflects a broader trend for the biotechnology company, which has seen its shares plummet by 41.56% over the past year, with a particularly steep decline of 55% in the past six months. While the company maintains a healthy balance sheet with more cash than debt, investors are closely monitoring the stock as it navigates through a period marked by volatility and uncertainty within the biotech sector. The 52-week low serves as a critical point of interest for both current shareholders and potential investors, as they consider the company's performance and future prospects in light of recent market pressures. InvestingPro subscribers can access 12 additional key insights and a comprehensive Pro Research Report to better evaluate PGEN's investment potential.
In other recent news, Precigen, Inc. has terminated its license agreement with Alaunos Therapeutics, Inc., reclaiming all previously licensed rights. This action nullifies the Amended and Restated License Agreement, thus Alaunos no longer holds any rights to use Precigen's technology. Simultaneously, Precigen has reported significant progress in its PRGN-2012 gene therapy program, with over half of the patients in clinical trials showing a complete response and a significant reduction in surgeries. The company plans to submit a Biologics License Application by the end of 2024.
In addition to these developments, Precigen's Senior Vice President of Intellectual Property Affairs, Jeffrey Perez, is set to depart from the company effective November 1, 2024. Precigen has implemented workforce reduction and cost-saving measures, raising $31.4 million through an equity issuance. The company has also granted performance stock units to key executives, contingent upon meeting specific operational milestones related to PRGN-2012.
Finally, H.C. Wainwright, an independent analyst firm, maintains a Buy rating for Precigen, adjusting its price target for the company's shares to $4.00. The firm's projections include an expectation of PRGN-2012 generating risk-adjusted revenue in 2026, estimated at $106 million, and growing to $521 million by 2030.
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