Why Precigen Stock Is Skyrocketing Today
Shares of Precigen (NASDAQ: PGEN) had skyrocketed by 26.3% as of 11:30 a.m. EDT on Friday. That jump came after Precigen announced that German drugmaker Merck KGaA (OTC: MKKGY) (not to be confused with the U.S.-based Merck) is increasing its stake in the biopharmaceutical company.
Merck KGaA already owned around 11.6% of Precigen. That stake will increase to 14.8% because its wholly owned subsidiary, Ares Trading, is converting a convertible note into stock. Merck KGaA will remain the second-largest shareholder in Precigen.
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Source Fool.com
