Buy Rating for Precigen Driven by Promising Developments and Strong Market Potential of PRGN-2012

In a report released today, Jason Butler from JMP Securities reiterated a Buy rating on Precigen (PGEN – Research Report), with a price target of $6.00.

Jason Butler has given his Buy rating due to a combination of factors surrounding Precigen’s promising developments. The FDA’s priority review of PRGN-2012, a gene therapy for recurrent respiratory papillomatosis (RRP), is a significant milestone, with a PDUFA date set for August 27, 2025. This priority review, coupled with the absence of a planned advisory committee meeting, suggests a favorable regulatory outlook for the therapy.
Furthermore, the potential market for PRGN-2012 is substantial, with an estimated 27,000 adult patients in the U.S. and over 125,000 internationally. The projected peak sales exceeding $1 billion underscore the commercial viability of the therapy. Additionally, the positive implications for Precigen’s AdenoVerse platform, particularly with PRGN-2009 targeting HPV-associated tumors, further strengthen the company’s growth prospects. These factors collectively support the increased price target and the Buy rating.