Precigen Inc. (PGEN) shares advanced to a 52-week high of $7.33 on Thursday, trading 0.98% below the peak after the biotech firm reported stronger-than-expected second-quarter financials.
The company posted net income of $20.1 million, a marked improvement from the prior-year period, and revenue of $54.98 million—nearly double the forecasted $27.83 million. Earnings per share came in at $0.05, surpassing the anticipated $0.01 loss. Precigen’s market capitalization rose to $2.62 billion.
Year-to-date gains stand at 71%, while the stock has surged 100.27% over the past year, according to InvestingPro data. The company’s approved therapy for adult recurrent respiratory papillomatosis, PAPZIMEOS, contributed to the improved performance.
The shares were last quoted at $7.26, reflecting modest gains following the announcement.
