JMP Securities lowered the firm’s price target on Precigen to $7 from $14 and keeps an Outperform rating on the shares. The price target adjustment reflects the strategic de-prioritization of certain pipeline programs and recent equity dilution. Precigen is prioritizing and focusing resources on PRGN-2012 and remains on track to submit the BLA in 2H24, which provides the potential to maximize value generation for shareholders in the near-to-mid term as it also seeks to build value from strategic partnerships for additional pipeline assets, the analyst tells investors in a research note.
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