Precigen Jumps on Positive Commentary while Crypto Names Follow Bitcoin Lower
Last week, the Opportunity Equity Strategy’s representative account gained 1.06%, outperforming the S&P 500’s 0.12% rise. (Exhibit 1). The strategy ended the week up 21.56% YTD, 579 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 11/14/251
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (11/7- 11/14) | 1.06% | 0.12% |
| MTD | -1.55% | -1.49% |
| QTD | 1.24% | 0.81% |
| YTD | 21.56% | 15.77% |
| 1 Year | 20.19% | 14.67% |
| 5 Year | 9.16% | 15.13% |
| 10 Year | 10.80% | 14.76% |
| Inception (annualized since 6/26/00) | 8.30% | 8.22% |
Source: Bloomberg, Patient Capital Management.
Precigen, Inc. (PGEN) jumped to a new 52-week high following positive commentary from their quarterly earnings call. The company highlighted pent up demand for PAPZIMEOS, the only FDA approved treatment for recurrent respiratory papillomatosis (RRP), and guided to reach cash flow breakeven by the end of 2026, ahead of consensus expectations. HC Wainwright & Co increased their price target from $8.50 to $9.00 (86% upside).
Biogen Inc. (BIIB) received U.K. approval for IV maintenance dosing of Leqembi, its Alzheimer’s Disease treatment. Additionally, BIIB closed on their purchase of Alcyone Therapeutics, a clinical stage biotech company specializing in central nervous system therapy delivery.
Seadrill Limited (SDRL) moved higher, following Brent Crude’s 1.19% gain.
Energy Transfer LP (ET) rose through its 50-day moving average, following Henry Hub natural gas’s 5.82% gain.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 11/7/25 - 11/14/2025
| Name | Type | Net Return |
| Precigen, Inc. | Equity | 24.4% |
| Precigen, Inc. Warrant 2034 | Derivative | 26.7% |
| Biogen Inc. | Equity | 7.7% |
| Seadrill Limited | Equity | 5.4% |
| Energy Transfer LP | Equity | 3.4% |
Source: Patient Capital Management. See below for additional information.
Amazon.com, Inc. (AMZN) fell on limited news.
Fidelity Wise Origin Bitcoin Fund (FBTC) and Coinbase Global, Inc. (COIN) followed bitcoin’s -8.53% move lower. Monness Crespi Hardt upgraded Coinbase from neutral to buy and increased their price target from $300 to $375 (32% upside).
Norwegian Cruise Line Holdings Ltd. (NCLH) continued to decline after issuing weaker-than-expected 4Q25 occupancy rate guidance the week prior. Goldman Sachs lowered price targets across their cruise line coverage on Caribbean capacity concerns. They lowered their price target on Norwegian from $27 to $23 (26% upside) and maintained their buy rating. Morningstar maintained their $31.50 price target (72% upside), citing resilient travel demand and NCLH’s ability to capture higher prices through attractive itineraries and data-driven marketing.
Alibaba Group Holding Ltd (BABA) broke below its 50-day moving average and extended its decline Friday after a White House memo alleged the company supplied the Chinese military with technology used against U.S. targets. Alibaba denied the claims and questioned their intent. Citi reiterated its $218 price target (42% upside) and expressed confidence in Alibaba’s legal compliance and commitment to shareholders.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 11/7/2025 - 11/14/2025
| Name | Type | Net Return |
| Amazon.com, Inc. | Equity | -4.0% |
| Fidelity Wise Origin Bitcoin Fund | Equity | -9.2% |
| Coinbase Global, Inc. | Equity | -8.1% |
| Norwegian Cruise Line Holdings Ltd. | Equity | -4.1% |
| Alibaba Group Holding Ltd | Equity | -7.5% |
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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