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Precigen (NASDAQ:PGEN), Inc., a biotechnology company specializing in pharmaceutical preparations, announced Monday the upcoming departure of Jeffrey Perez, Senior Vice President of Intellectual Property Affairs.
Perez is set to leave the company effective November 1, 2024, after a period of transition.
Perez, who has been with Precigen since April 2, 2019, will continue in his current role until his departure to ensure a smooth handover of his responsibilities.
The severance package is expected to include payments and benefits that are customary under such agreements, although the specific terms have not been publicly disclosed.
This transition comes as part of the normal course of corporate governance, and the company has not yet announced a successor for Perez.
In other recent news, Precigen has been making significant strides in its PRGN-2012 gene therapy program for recurrent respiratory papillomatosis (RRP).
The company reported promising clinical trial results, with over half of the patients showing a complete response and a significant reduction in surgeries.
As part of its strategic focus, Precigen has implemented workforce reduction and cost-saving measures, and raised $31.4 million through an equity issuance to extend its cash runway into early 2025.
In addition, Precigen has granted performance stock units (PSUs) to key executives, contingent upon meeting specific operational milestones related to PRGN-2012.
The vesting of these units depends on a successful submission of a complete Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) and its subsequent approval by the end of 2026.
H.C. Wainwright, an independent analyst firm, has adjusted its price target for Precigen's shares to $4.00, maintaining a Buy rating.
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.
InvestingPro Insights
As Precigen, Inc. navigates through executive transitions, real-time data from InvestingPro offers a glimpse into the company's financial health and market performance. With a market capitalization of approximately $286.62 million, Precigen is trading at a high Price / Book multiple of 6.64, reflecting a valuation that is rich compared to the company's book value. Additionally, the company has experienced a significant revenue decline, with the last twelve months as of Q2 2024 showing an 80.14% decrease in revenue. This aligns with the InvestingPro Tips, which indicate that analysts anticipate a sales decline in the current year and do not expect the company to be profitable within this timeframe.
Investors should also note that Precigen's stock price movements have been quite volatile, which may be of particular interest following the announcement of Jeffrey Perez's departure. The company's stock has faced a downward trend, with a 1-year price total return of -28.93%. Furthermore, with analysts revising their earnings upwards for the upcoming period, it suggests that while the current outlook is challenging, there may be some optimism for the future. For those looking for deeper insights and additional metrics, there are 10 more InvestingPro Tips available, which can be accessed for Precigen at https://www.investing.com/pro/PGEN.
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