Precigen price target lowered to $6 from $10 at H.C. Wainwright » 06:1908/0908/09/22
H.C. Wainwright analyst…
H.C. Wainwright analyst Swayampakula Ramakanth lowered the firm's price target on Precigen to $6 from $10 and keeps a Buy rating on the shares post the Q2 results.
Precigen expectsTrans Ova Genetics sale to close in Q3 » 16:2708/0808/08/22
"The transaction to…
"The transaction to sell Trans Ova Genetics, which is expected to close in Q3 2022, will provide Precigen with $170M in cash up-front and up to a $10M earn-out over the next two years. The proceeds from this sale will fortify our balance sheet and provide non-dilutive funds to pay our convertible notes, which we intend to do when due," said Harry Thomasian Jr., CFO of Precigen. "We believe that our cash on hand and cost reduction initiatives, taking into account our plan for our convertible notes, give us enough runway to advance our clinical priorities into Q4 2023."
Precigen reports Q2 EPS (13c), consensus (16c) » 16:2508/0808/08/22
Reports Q2 revenue…
Reports Q2 revenue $900,000, consensus $24.63M. "Precigen is laser focused on maximizing the value of our highest priority assets and prioritizing our capital allocation to enable us to reach critical inflection points in our clinical trials. We have been able to expedite our prioritized programs, rapidly progressing from Phase 1 dose escalations to 1b expansions and have already initiated Phase 2 studies for several programs," said Helen Sabzevari, President and CEO of Precigen. "We continue to demonstrate the potential of these assets and their associated therapeutic platforms, and are actively pursuing rapid regulatory strategies for licensure to bring these potential investigational therapies to patients as quickly as possible. We expect additional data this year and early next for our prioritized programs, and are particularly excited for the Phase 1 data presentation for the PRGN-2012 AdenoVerse study in Q4 2022."
|Over a month ago|
Precigen subsidiary sale relieves convertible debt overhang, says Stifel » 13:5207/0507/05/22
Stifel analyst Benjamin…
Stifel analyst Benjamin Burnett said he is positive on Precigen's announcement of an agreement for the sale of its wholly-owned non-healthcare subsidiary, Trans Ova Genetics, for $180M in total potential consideration as he sees the deal alleviating "a somewhat tenuous financing situation" given that the company has $200M in convertible debt maturing in July of 2023. The move to monetize this business came at a slightly higher price than he had anticipated, said Burnett, who remains positive on the potential for the company's manufacturing process to "bring allogeneic-like convenience with a lowered risk of product rejection." He maintains a Buy rating and $15 price target on Precigen shares.
Precigen enters agreement to divest non-healthcare subsidiary Trans Ova to URUS » 08:0907/0507/05/22
Precigen announced that…
Precigen announced that the Company has entered into a definitive agreement for the sale of its wholly-owned non-healthcare subsidiary, Trans Ova Genetics to URUS, a holding company with cooperative and private ownership, for $170M in upfront cash and up to $10M earn-out based on the performance of Trans Ova in 2022 and 2023. Consummation of the transaction, anticipated in Q3 2022, is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. "We believe this transaction will support Precigen's mission as a premier cell and gene therapy company laser focused on the rapid development of our top clinical assets to maximize shareholder value and potentially improve the way devastating diseases like cancer are treated," said Helen Sabzevari, PhD, President and CEO of Precigen. "I am proud of Precigen management and the Trans Ova team for successfully leading the financial turnaround of Trans Ova operations to maximize the value of this asset over the last two years. We expect to have the capacity to pay the convertible notes upon maturity and to focus on fast regulatory paths for our healthcare portfolio."
|Over a quarter ago|
Precigen reports Q1 EPS (10c), consensus (13c) » 16:1705/0905/09/22
Reports Q1 revenue…
Reports Q1 revenue $32.0M, consensus $23.27M. "Precigen's portfolio has been prioritized based on the positive preliminary data we have seen for key programs and we are exploring potential rapid paths to licensure with the FDA for programs with compelling data in diseases that have a high unmet medical need. The FDA Fast Track designation recently received for PRGN-3006 UltraCAR-T will help facilitate development and expedite the review process and is an important milestone for patients with relapsed or refractory acute myeloid leukemia," said Helen Sabzevari, President and CEO of Precigen. "As a result of these advancements, we look forward to hosting a call to provide pipeline updates in the coming months."
Precigen says FDA grants Fast Track designation for PRGN-3006 UltraCAR-T » 08:0704/0404/04/22
Precigen announced that…
Precigen announced that the FDA has granted Fast Track designation for PRGN-3006 UltraCAR-T in patients with relapsed or refractory AML. PRGN-3006 was previously granted FDA Orphan Drug Designation.
Precigen reports Q4 EPS (13c), consensus (14c) » 08:0803/0103/01/22
Reports Q4 revenue…
Reports Q4 revenue $24.22M, consensus $22.24M. The company anticipates that its cash, cash equivalents and short-term and long-term investments as of December 31, 2021 should enable the company to fund operations well into 2023, assuming the company's programs advance as currently contemplated; and the company's non-core businesses continued to generate increased revenues and profitability.
Short Report: GitLab short position re-accelerates to record high » 11:4502/0502/05/22
ATUS, GTLB, FSR, PGEN, POSH, CWH
Welcome to this week’s…
Precigen announces 'positive' phase 1 data for PRGN-3006 in refractory AML » 17:0812/1312/13/21
Precigen "presented positive interim data at the 63rd ASH Annual Meeting and Exposition from the ongoing Phase 1/1b clinical study of PRGN-3006 UltraCAR-T in patients with relapsed or refractory acute myeloid leukemia, or AML, and higher risk myelodysplastic syndromes. The oral presentation was delivered by David Sallman, MD, Assistant Member in the Department of Malignant Hematology at the H. Lee Moffitt Cancer Center & Research Institute and a lead investigator for the PRGN-3006 clinical trial. Today's ASH presentation included data from 15 r/r AML patients treated in the non-lymphodepletion cohort and the lymphodepletion cohort. Patients were heavily pre-treated with a median of 4 and 3 prior regimens in the non-lymphodepletion and the lymphodepletion cohorts, respectively. Additionally, 33% and 50% of the patients had failed prior allogeneic hematopoietic stem cell transplant in the non-lymphodepletion and the lymphodepletion cohorts, respectively. All patients received a single infusion of PRGN-3006."