Precigen jumps on Q1 outlook despite earnings miss

Precigen (PGEN) shares are trading up almost 26% at $3.91 after the company reported quarterly results. The biotech company reported $9.7M in revenue, missing consensus estimates by $3.8M, but highlighted $3.4M from its new tumor therapy, Papzimeos. Earnings per share also came in below expectations, with the net loss per share widening to $1.37. Precigen said “the increase in net loss was primarily driven by non-cash items, including the increase in the fair value of the warrant liabilities and the deemed dividend on preferred shares.” However, for Q1, CEO Helen Sabzevari said the company sees revenue of over $18M, which was better than the expected $14.1M.