Patient Capital Management, a value investing firm, released its “Patient Capital Opportunity Equity Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. During the quarter, the strategy returned 5.58% net of fees compared to the S&P 500’s 5.89% return. According to a three-factor performance attribution model, allocation and selection effects contributed positively to the portfolio’s performance while interaction effects contributed negatively. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Patient Capital Management highlighted stocks like Precigen, Inc. (NASDAQ:PGEN) in the third quarter 2024 investor letter. Precigen, Inc. (NASDAQ:PGEN) is a discovery and clinical-stage biopharmaceutical company. The one-month return of Precigen, Inc. (NASDAQ:PGEN) was -8.05%, and its shares lost 13.69% of their value over the last 52 weeks. On October 17, 2024, Precigen, Inc. (NASDAQ:PGEN) stock closed at $0.9149 per share with a market capitalization of $270.1 million.
Patient Capital Management stated the following regarding Precigen, Inc. (NASDAQ:PGEN) in its Q3 2024 investor letter:
Precigen, Inc. (NASDAQ:PGEN) is an early-stage biopharmaceutical company focused on next generation cell and gene therapies. The company’s PRGN-2012 program in recurrent respiratory papillomatosis (RRP) has the potential to be the first-in-class “off-the-shelf” immunotherapy in a patient population with limited options. The company expects a BLA submission by year-end with a planned launch in 2025. In August, the company raised an additional $31M in equity, which is expected to fund operations into early 2025. The company is run by Dr. Helen Sabzevari, who has extensive expertise in research and development of immunotherapy-based therapeutics having founded and served as Chief Scientific Officer of Compass Therapeutics. She has driven amazing clinical progress at PGEN over the past few years and we believe that PRGN-2012 is well positioned to be a best-in-class therapeutic for RRP.”
A technician holding a petri dish containing a DNA construction technology.
Precigen, Inc. (NASDAQ:PGEN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held Precigen, Inc. (NASDAQ:PGEN) at the end of the second quarter which was 12 in the previous quarter. Precigen, Inc.’s (NASDAQ:PGEN) net loss for the second quarter 2024 was $58.8 million or $0.23 per share compared to a net loss of $20.3 million or $0.08 a share in Q2 2023. While we acknowledge the potential of Precigen, Inc. (NASDAQ:PGEN) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.