BioTuesdays

Cantor ups Precigen PT after R&D event

Precigen-Logo

Cantor Fitzgerald raised its price target for Precigen (NASDAQ:PGEN) to $10 from $7 after the company held an R&D event to showcase safety and efficacy data from a Phase 1 trial. The stock closed at $1.64 on Jan. 27.

Precigen previously reported positive data from a Phase 1 dose-escalation and expansion cohorts for PRGN-2012, its AdenoVerse immunotherapy, for recurrent respiratory papillomatosis (RRP), a disease characterized by recurrent wart-like growths on the surface of the vocal cords or tissue around the vocal cords.

“In short, we believe PRGN-2012’s data checked every box, with the best efficacy/safety data we’ve seen for a therapeutic vaccine in RRP, which could support upwards of a greater than $1-billion market opportunity in the U.S.,” writes analyst Jennifer Kim.

On the back of this data, Precigen’s recent financing also has addressed a key overhang on the stock, she added.

“We believe the company is now well-capitalized, with Cantor estimating a runway into the second half of 2024, to reach value-creating milestones across its cell and gene therapy pipeline programs,” Ms. Kim said.

This includes Phase 1 data for PRGN-2009 (AdenoVerse immunotherapy for HPV-associated cancers) and PRGN-3005 (UltraCAR-T for ovarian cancer), both in the first half of 2023.

BioTuesdays Newsletter

Get the latest Biotech and MedTech news, trends, and company spotlights—delivered to your inbox.

POWERED BY

Experts in Healthcare IR. Learn more about how we can help you connect with investors.