Biopharmaceutical firm Precigen Inc (NASDAQ:PGEN) saw its stock emerge as one of the significant movers this past Friday as it ended the day with gains of as much as 8%. That being said, it ought to be noted that despite the gains, the stock is still down by 11% over the past week.
Market Reaction
On Friday, PGEN stock surged 8.11% to $1.60 with more than 2.28 million shares, compared to its average volume of 1.78 million shares. The stock moved within a range of $1.4400 – 1.6400 after opening trade at $1.49.
Precigen Receives Fast Track Designation for PRGN-3006 UltraCAR-T® in Patients with Relapsed or Refractory Acute Myeloid Leukemia
On the other hand, despite such volatile price action in the stock in the past week, there has been no news at all about Precigen. In fact that last time the company had been in the news cycle was back on April 4.
At the time, the company had announced that the United States Food and Drug Administration had awarded Fast Track designation to its product PRGN-3006 UltraCAR-T.
The product in question is meant for patients who may be suffering from refractory or relapsed AML. In addition to that, it ought to be noted that the product PRGN-3006 had also been awarded orphan drug designation by the company. However, at the same time, it is necessary to note that the latest volatility in the stock may not actually be related to this development. Investors could do well to keep an eye on the news.
Key Quote
“We are very pleased to receive the FDA’s Fast Track designation, which facilitates development and expedites the review process of drugs that address serious conditions and high unmet medical needs,” said Helen Sabzevari, PhD, President and CEO of Precigen.
Traders Review
PGEN stock is trading below 20-Day and 50-Day Moving averages of $1.90 and $2.0769 respectively. Moreover, the stock is trading below the 200-Day moving average of $3.97.
