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On Wednesday, JMP Securities maintained its Market Outperform rating and $14.00 share price target for Precigen Inc. (NASDAQ:). The firm’s stance is buoyed by anticipation of forthcoming pivotal trial results for the company’s PRGN-2012 in recurrent respiratory papillomatosis (RRP).
Precigen recently shared its fourth-quarter financials for 2023 and provided updates on its business operations, highlighting ongoing advancements in its primary development programs.
Precigen’s focus remains steadfast on the impending pivotal results expected in the second quarter of 2024 from the Phase 2 trial for PRGN-2012 in RRP. The company has confirmed its alignment with the FDA regarding the rolling Biologics License Application (BLA) submission, the pathway for accelerated approval, and the design of a subsequent confirmatory trial. This alignment is critical for the company’s strategy to bring PRGN-2012 to market.
The company concluded the fourth quarter with approximately $63 million in cash and equivalents. This financial position reflects Precigen’s strategic emphasis on cost-effective operations to manage its burn rate effectively. The company’s disciplined approach to spending is aimed at sustaining its financial health while advancing its development programs.
The upcoming period is pivotal for Precigen, as the market awaits the results from the Phase 2 trial of PRGN-2012. The outcome of this trial could be a significant milestone for the company, with the potential to impact its future operations and financial trajectory. The trial’s success is a key factor for Precigen’s strategy, particularly in the context of its discussions with regulatory authorities.
Investors and industry observers are keeping a close eye on Precigen as it approaches this critical juncture. The results from the Phase 2 trial of PRGN-2012 are expected to provide valuable insights into the treatment’s efficacy and safety, which are essential for advancing the therapy through the regulatory process and ultimately to patients in need.
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