JPMorgan upgraded Precigen (PGEN) to Neutral from Underweight without a price target following the FDA’s approval of Papzimeos. The firm cites the removal of Precigen’s “major regulatory overhang” and its revenue potential for the upgrade. However, the adoption of Papzimeos will take time to materialize, the analyst tells investors in a research note. JPMorgan believes that with limited cash on the balance sheet to support the launch, further dilution post approval is “likely inevitable” for Precigen.
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