Precigen Rises on Strong Guidance While Coinbase Falls on Clarity Act Draft
Last week, the Opportunity Equity Strategy’s representative account fell -1.87%, underperforming the S&P 500’s -2.10% decline. (Exhibit 1). The strategy ended the week down -9.49% YTD, -281 basis points behind the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 3/27/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (03/20 - 03/27) | -1.87% | -2.10% |
| MTD | -9.07% | -7.31% |
| QTD | -9.49% | -6.68% |
| YTD | -9.49% | -6.68% |
| 1 Year | 22.27% | 13.28% |
| 3 Year | 25.38% | 18.63% |
| 5 Year | 1.94% | 11.50% |
| 10 Year | 11.98% | 14.01% |
| Inception (annualized since 6/26/00) | 7.97% | 7.88% |
Source: Bloomberg, Patient Capital Management.
Precigen, Inc. (PGEN) reclaimed its 200-day moving average following the release of its 2025 results. The company missed 4Q25 revenue and EPS estimates, but guided 1Q26 sales above $18M, well ahead of the $14M consensus. Citizens raised its price target from $8 to $9 (145% upside). Noble Corporation plc (NE), Energy Transfer LP (ET), and Seadrill Limited (SDRL) all hit new 52-week highs, tracking Brent Crude prices higher. Truist initiated on ET with a buy rating and $23 price target (17% upside), citing its well-positioned midstream network, improving balance sheet, long-term contracts, and data center growth opportunities.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 03/20/2026 -03/27/2026
| Name | Type | Net Return |
| Precigen, Inc. Warrant 2034 | Derivative | 14.8% |
| Precigen, Inc. | Equity | 11.9% |
| Noble Corporation plc | ETF | 6.7% |
| Energy Transfer LP | Equity | 3.5% |
| Seadrill Limited | Equity | 4.2% |
Source: Patient Capital Management. See below for additional information.
Wells Fargo raised its price target on Alphabet Inc. (GOOGL) from $387 to $397 (45% upside) reflecting a higher Google Cloud revenue estimate.
Coinbase Global, Inc. (COIN) dropped beneath its 50-day moving average, pressured by bitcoin’s -5.8% decline and news that the latest draft of the Clarity Act could ban passive stablecoin yields, reducing the incentive to hold stablecoins on its platform. Goldman Sachs lowered its price target from $270 to $235 (46% upside).
Morgan Stanley lowered its price target on Meta Platforms, Inc. (META) from $825 to $775 (47% upside).
UnitedHealth Group (UNH) fell and Chime Financial Inc (CHYM) reached a new 52-week low on limited news.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 03/20/2026 - 03/27/2026
| Name | Type | Net Return |
| Alphabet Inc. | Equity | -8.8% |
| Coinbase Global, Inc. | Equity | -18.4% |
| Meta Platforms, Inc. | Equity | -11.4% |
| UnitedHealth Group | Equity | -6.0% |
| Chime Financial Inc | Equity | -11.3% |
Source: Patient Capital Management. See below for additional information.
1The performance figures for the representative Opportunity Equity account reflect the deduction of investment management fees and certain other expenses. For additional information about Opportunity Equity Strategy performance, please click on the Opportunity Equity Strategy Composite Performance.
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.
*Entered into position intra quarter. Security holding not yet publicly disclosed.
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.
©2026 Patient Capital Management, LLC
Share