Precigen gains as Stifel raises PT on company's lead therapy prospects

Precigen

10/08/2023 17:42

** Gene therapy developer Precigen's  PGEN.O  shares rise
28.1% to $1.59; biggest one day pct rise in more than
two-and-a-half years
    ** U.S. FDA agreed ongoing early-to-mid stage trial of
company's lead therapy for a type of respiratory disease will
support its application for accelerated approval without any
additional trial
    ** FDA confirmed current main goal of complete response rate
is acceptable for accelerated approval request
    ** Brokerage Stifel says FDA clarity on therapy PRGN-2012 is
"best-case scenario", raises PT to $7.00 from $6.30
    ** This puts PRGN-2012 on track to have first-mover
advantage, clearly ahead of competitor Inovio's  INO.O 
INO-3107, which needs to be assessed in a late-stage study -
brokerage
    ** PGEN expects to complete mid-stage trial in Q2 2024 -
brokerage
    ** Company's shares up marginally YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com))