Precigen Rises on Strong Guidance While Coinbase Falls on Clarity Act Draft
Last week, the Opportunity Equity Strategy’s representative account gained 4.64%, outperforming the S&P 500’s 3.38% rise. (Exhibit 1). The strategy ended the week down -5.29% YTD, -176 basis points behind the S&P 500. 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 04/02/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (03/27 - 04/02) | 4.64% | 3.38% |
| MTD | 0.69% | 0.84% |
| QTD | 0.69% | 0.84% |
| YTD | -5.29% | -3.53% |
| 1 Year | 30.45% | 17.55% |
| 3 Year | 24.74% | 18.65% |
| 5 Year | 2.34% | 11.99% |
| 10 Year | 12.35% | 14.18% |
| Inception (annualized since 6/26/00) | 8.16% | 8.02% |
Source: Bloomberg, Patient Capital Management.
Wells Fargo lowered its price target on Alphabet Inc. (GOOGL) from $397 to $361 (22% upside) after trimming FY26 and FY27 revenue estimates amid global macro uncertainty. However, Wells Fargo maintained its overweight rating, viewing Alphabet as an AI winner with a secure competitive position in an expanding TAM.Citigroup Inc. (C) broke above its 50-day and 100-day moving average. Barclays maintained its $146 price target (27% upside), but raised its EPS estimates ahead of the print, citing stronger than previously expected trading revenues.
Wells Fargo lowered its revenue estimates and price target on Meta Platforms, Inc. (META) from $856 to $765 (33% upside), but maintained its overweight rating, citing Meta’s long-term earnings growth potential and recent focus on efficiency.
Royalty Pharma plc (RPRX) hit a new 52-week high after announcing a co-funding agreement with Johnson & Johnson to advance JNJ-4804, an investigational therapy for severe autoimmune diseases.
Evercore included Illumina, Inc. (ILMN) in its “Best Ideas” list, arguing the stock is nearing the end of a two-year correction and is well-positioned for a significant recovery. The firm highlighted double-digit top-line growth potential and the prospect of 10–15% margin expansion as key drivers of the anticipated rebound.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 03/27/2026 - 04/02/2026
| Name | Type | Net Return |
| Alphabet Inc. | Equity | 7.8% |
| Citigroup Inc. | Equity | 7.3% |
| Meta Platforms, Inc. | Equity | 9.3% |
| Royalty Pharma plc | Equity | 4.8% |
| Illumina, Inc. | Equity | 11.0% |
Source: Patient Capital Management. See below for additional information.
Energy Transfer LP (ET) followed Henry Hub’s -10% decline. However, Bank of America came away bullish after hosting ET at its Southeast Utilities Conference, pointing to potential upside in the company's NGL export business from ongoing tensions with Iran.
Biogen Inc. (BIIB) fell through its 100-day moving average following its $5.6B acquisition of Apellis Pharmaceuticals, a clinical-stage biotech focused on geographic atrophy and rare immune-mediated kidney diseases. The deal accelerates Biogen's push into nephrology, leveraging Apellis's ~350-person commercial team to support the planned launch of Felzartamab. Canaccord raised its price target from $230 to $245 (38% upside), viewing the acquisition as complementary to Biogen's immunology business and a near-term revenue driver.
General Motors Co (GM) fell after reporting preliminary 1Q26 U.S. retail sales slightly below Street expectations. GM attributes the y/y decline largely to early 2025 pre-tariff buying.
Citi maintained its Buy rating and $35 price target (23% upside) on JD.com Inc (JD) following meetings with management at its 2026 Innovation Trailblazers Corporate Day. Management flagged the durability of its core retail business earnings, citing its deep supply chain capabilities as a key competitive advantage. Citi also highlighted the company's focus on returning capital to shareholders through its dividend and share repurchase program.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 03/27/2026 - 04/02/2026
| Name | Type | Net Return |
| Energy Transfer LP | Equity | -3.8% |
| Biogen Inc. | Equity | -3.5% |
| Biogen Inc. 1/28 C150 | Equity | -10.7% |
| General Motors Co | Equity | -0.6% |
| JD.com Inc | Equity | -0.8% |
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
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