Summary

  • Pricegen stock price rose by 28.1% on August 10, 2023, as it received an increased price target from brokers.
  • As per U.S. FDA, Pricegen’s trial of lead therapy PRGN-2012 will support its application for accelerated approval.
  • PGEN has a mean recommendation rating of 2 on a scale of one to five and a consensus mean price target of US$9.50.

Biotechnology company Pricegen (NASDAQ: PGEN) received a price target increase from brokerage Stifel Nicolaus. The broker raised its price target on PGEN from US$6.30 to US$7 on August 9, 2023, the same day when Pricegen released its Q2 2023 results.

Pricegen reported a total revenue of US$1.76 million in Q2 2023 and a net loss of US$20.31 million for the quarter. Meanwhile, its cash and cash equivalents, short term and long-term investments totaled US$95.6 million as on June 30, 2023.

Data available on EODHD/Others suggests that the mean recommendation rating on the stock is 2, on a scale of one to five. Here one represents a ‘strong buy’ rating and five represents a ‘strong sell' rating.

Image source: ©2023 Kalkine®; Data source: EODHD/Others

At the same time, PGEN has a consensus mean price target of US$9.50, which indicates a massive 520.92% potential upside over its closing price on Tuesday.

FDA’s clarity on Pricegen’s gene therapy

U.S. FDA stated that Pricegen’s trial of PRGN-2012, which is the company’s lead therapy, will help support its application for accelerated approval without any additional trial. Additionally, the FDA also stated that the main goal of complete response rate is acceptable for accelerated approval request.

Based on this clarity given by FDA, broker Stifel raised its price target on PGEN. The company is also expected to have a first mover advantage, ahead of its competitor Inovio’s INO-3107, as per Stifel.

The broker also stated that PGEN believes that it would be able to complete the mid-stage trial of PRGN-2012 in Q2 2024.

PGEN’s stock price rose 28.1% to US$1.59 on August 10, 2023. This marked the biggest one-day percentage increase in over two-and-a-half years for the stock.

Brokers retain price target on PGEN

Other brokers also reviewed their ratings on PGEN soon after the company released its financial results on August 9, 2023. Cantor Fitzgerald retained its ‘overweight’ rating on PGEN on August 10, 2023. The broker raised its price target on PGEN to US$11.

Meanwhile, H.C Wainwright also maintained its ‘buy’ rating on the stock and increased its price target on the stock to US$11.

JMP Securities kept its ‘market outperform’ rating intact on the stock while increasing the price target to US$14. This is an upside potential of 815.03% on the stock’s closing price on Tuesday.

PGEN Price Chart; Image Source: PGEN EODHD/Others

The stock closed at US$1.53 on Tuesday, August 15, 2023. PGEN hit its 52-week high of US$2.9 on September 9, 2022.