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Thursday
On Thursday, JMP Securities analyst Jason Butler reaffirmed a Market Outperform rating and a $6.00 price target for Paragon Shipping Inc. (NASDAQ: PRGN), focusing on the anticipated approval and launch of PRGN-2012. Precigen (NASDAQ:PGEN), a biotechnology company, reported its fourth-quarter financial results for 2024 and shared updates on its business activities, with a particular emphasis on the preparation for the second half of 2025 launch of PRGN-2012, also known as zopapogene imadenovec.
The company had previously announced at the end of February that the U.S. Food and Drug Administration (FDA) granted its Biologics License Application (BLA) for PRGN-2012 priority review status. The FDA also set a Prescription Drug User Fee Act (PDUFA) goal date for August 27, 2025, and indicated that it does not plan to hold an Advisory Committee meeting to discuss the application.
Butler’s comments highlight Precigen’s progress, noting that the BLA review is proceeding smoothly and that the company is maintaining alignment with the FDA’s regulatory requirements. He expressed confidence in Precigen’s commercial readiness and its positioning for a successful product launch in the fall of 2025.
Precigen’s commitment to commercial readiness activities was also underscored, ensuring that the company is fully prepared for the market introduction of PRGN-2012. The analyst’s reiterated price target reflects a risk-adjusted, sum-of-the-parts evaluation of the company’s potential.
Investors are keeping a close eye on Precigen as the PDUFA date approaches, which could potentially mark a significant milestone for the company with the approval of PRGN-2012, a therapy that has garnered attention within the biotech industry.
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