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Stifel thinks Precigen stock set to rebound after capital secured, BLA submitted
The Fly

Stifel thinks Precigen stock set to rebound after capital secured, BLA submitted

Stifel notes Precigen (PGEN) has completed the BLA submission of PRGN-2012, which comes on the heels of 2 financial announcements that together provide the company with significant runway to navigate the regulatory review and execute a commercial launch. The firm continues to see PRGN-2012 as clinically de-risked following Phase 2 data at ASCO24 and sees the likelihood-of-approval as high. Stifel doesn’t think the data is controversial, but believes the stock is trading at depressed levels on both balance sheet worries and a hesitation to underwrite commercial efforts for a new, yet-to-be validated market. The firm believes the Innovator 21 deal netting $8.5M in non-dilutive capital, along with the $79M PIPE sufficiently addresses the balance sheet overhang. Stifel has a Buy rating on the shares with a price target of $7.

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