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On Thursday, Cantor Fitzgerald reiterated an Overweight rating on Precigen Inc. (NASDAQ:PGEN) shares, with a revised price target of $5, up from the previous $3. The firm’s analyst highlighted the company’s financial update from the fourth quarter of 2024, which concluded on December 31, 2024, with Precigen holding $97.9 million in cash and equivalents. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 4.76, and holds more cash than debt on its balance sheet. The company also reaffirmed its financial guidance, indicating sufficient capital to support its operations into 2026, which extends beyond the anticipated second half of 2025 launch of its lead gene therapy product, PRGN-2012.
The focus for Precigen this year remains on the potential approval and launch of PRGN-2012, a treatment for recurrent respiratory papillomatosis (RRP) directed against HPV6/11. The analyst noted that ongoing discussions with payors, who cover more than 300 million lives collectively, have yielded consistent responses. While some utilization management is expected, the intent is to adhere to treatment guidelines, with possible requirements for patients to meet trial inclusion or exclusion criteria. Medical (TASE:BLWV) exceptions are not anticipated to be a significant factor. InvestingPro analysis indicates analysts anticipate sales growth for Precigen in the current year, though the company is not expected to be profitable this year. Get access to 10+ additional ProTips and comprehensive analysis with InvestingPro.
The analyst has increased the estimated gross pricing for PRGN-2012 to $350,000, which aligns with the pricing disclosed by INO for its similar product, INO-3107. This adjustment is based on recent developments and market comparisons. With the updated financial model reflecting the fourth quarter of 2024 results, the discounted cash flow (DCF)-based equity value per share has been raised to $5.
Precigen’s continued progress, particularly with PRGN-2012, has been a key element in Cantor Fitzgerald’s updated valuation. The firm’s confidence in Precigen’s financial stability and the potential market for its lead asset is reflected in the new price target. Precigen’s stock price movement will likely continue to be influenced by its development milestones and interactions with healthcare payors as it prepares for the potential launch of PRGN-2012.
In other recent news, Precigen Inc. reported a net loss of $126.2 million for the fiscal year 2024, an increase from $95.9 million in 2023. Despite the loss, the company is optimistic about its future revenue streams, particularly with the FDA’s acceptance of the Biologics License Application for PRGN-2012, a treatment for recurrent respiratory papillomatosis. The FDA has scheduled a review completion date for August 27, 2025, and does not plan to hold an advisory committee meeting. Analysts from H.C. Wainwright have maintained a Buy rating for Precigen, projecting potential revenues of $93 million in 2026, potentially rising to $969 million by 2033. Precigen is preparing for the commercial launch of PRGN-2012 by expanding its manufacturing capacity and partnering with Eversana to target the 27,000 U.S. patients diagnosed with RRP. The company ended 2024 with $97.9 million in cash and investments, bolstered by a $79 million preferred stock issuance. Precigen plans to begin commercial revenues in the second half of 2025, aiming to capture significant market share as PRGN-2012 could be the first FDA-approved therapy for RRP.
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