Precigen Rises on Treatment Pricing while Nvidia Falls Ahead of Earnings
Last week, the Opportunity Equity Strategy’s representative account gained 3.27%, outperforming the S&P 500’s 0.30% rise. (Exhibit 1). The strategy ended the week up 18.59% YTD, 771 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 8/22/251
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (8/15- 8/22) | 3.27% | 0.30% |
| MTD | 7.19% | 2.11% |
| QTD | 13.17% | 4.40% |
| YTD | 18.59% | 10.88% |
| 1 Year | 35.11% | 17.63% |
| 5 Year | 11.29% | 15.46% |
| 10 Year | 10.52% | 14.62% |
| Inception (annualized since 6/26/00) | 8.28% | 8.11% |
Source: Bloomberg, Patient Capital Management.
Precigen, Inc. (PGEN) reached a new 52-week high following full approval of its recurrent respiratory papillomatosis (RRP) therapy the week prior. Citizens increased their price target from $6 to $8 (91% upside) after Precigen announced the list price of the drug would be $460K per treatment cycle versus $200K expected.
Seadrill Limited (SDRL) rose through the 200-day moving average, following Brent’s 2.85% move higher.
CVS Health Corp (CVS) reached a new 52-week high after UBS upgraded the name from a hold to a buy and increased their price target from $69 to $79 (11% upside). UBS believes CVS is showing early signs of a Healthcare Benefits (HCB) turnaround and views the current valuation of 9x FY26 earnings as an attractive entry point versus the long-term average of 10x. UBS now projects mid-teens earnings growth through 2028.
Norwegian Cruise Line Holdings Ltd (NCLH) rose on limited news.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 8/15/25 - 8/22/2025
| Name | Type | Net Return |
| Precigen Warrant Restricted | Derivative | 38.1% |
| Precigen, Inc. | Equity | 41.0% |
| Seadrill Limited | Equity | 8.1% |
| CVS Health Corp | Equity | 3.9% |
| Norwegian Cruise Line Holdings Ltd. | Equity | 3.1% |
Source: Patient Capital Management. See below for additional information.
Cantor increased their price target on Nvidia Corp (NVDA) from $200 to $240 (35% upside). Cantor expects a strong Blackwell ramp, a de-risked trade environment with China, and robust hyperscaler capex trends to fuel a beat-and-raise quarter.
Loop increased their price target on Amazon.com, Inc. (AMZN) from $290 to $300 (31% upside). Loop acknowledged that Microsoft and Google Cloud are growing faster now but remain confident that AWS acceleration is coming.
Meta Platforms, Inc. (META), Peloton Interactive, Inc. (PTON) and QXO, Inc. (QXO) fell on limited news.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 8/8/2025 - 8/15/2025
| Name | Type | Net Return |
| Meta Platforms, Inc. | Equity | -3.9% |
| Nvidia Corp | Equity | -1.4% |
| Peloton Interactive, Inc. | Equity | -7.2% |
| Amazon.com, Inc. | Equity | -0.9% |
| QXO, Inc. | Equity | -0.5% |
Source: Patient Capital Management. See below for additional information.
As of prior week's market close unless otherwise stated.
1The performance figures for the representative Opportunity Equity account reflect the deduction investment management fees and certain other expenses. Returns greater than 1 year are annualized.
For additional information about Opportunity Equity Strategy performance, please click on the Opportunity Equity Strategy Composite Performance Disclosure. Past performance is no guarantee of future results.
2Significant Contributors and Detractors are based on holdings that had the greatest effect on representative account performance for the week. Holdings that have been in the portfolio since the end of the most recent calendar quarter are identified by name. The net return shown above for each individual security represents the change in market price of the security during the week, according to a third-party pricing service, or for the partial period held in the portfolio during the week. Net returns also include any purchases or sales that were made during the week. For information on how Contributor/Detractor data were calculated and a list showing the contribution to the Strategy’s weekly performance of each investment held at such quarter end, contact us.
Any views expressed are subject to change at any time, and Patient Capital Management disclaims any responsibility to update such views. There is no guarantee that market trends discussed herein will continue. The information presented should not be considered a recommendation to purchase or sell any security and should not be relied upon as investment advice. It should not be assumed that any purchase or sale decisions will be profitable or will equal the performance of any security mentioned. Past performance is no guarantee of future results, and there is no guarantee dividends will be paid or continued. References to specific securities are for illustrative purposes only. Portfolio composition is shown as of a point in time and is subject to change without notice. Content may not be reprinted, republished or used in any manner without written consent from Patient Capital Management.
©2025 Patient Capital Management, LLC
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