Precigen price target lowered to $5 from $7 at JMP Securities

JMP Securities lowered the firm’s price target on Precigen (PGEN) to $5 from $7 and keeps an Outperform rating on the shares after the company announced a financing led by a “validating” healthcare focused investor. The news “substantially alleviates” any near-term financing overhang and sets the company up well for the initial launch of PRGN-2012, the analyst tells investors in a research note. JMP says Precigen is now guiding to a cash runway well into 2026. It continues to anticipate confirmation of completion of the PRGN-2012 BLA submission imminently.