People Inc. Pulls MGM Bid While Precigen Receives Platform Technology Designation
Last week, the Opportunity Equity Strategy’s representative account gained 0.89%, underperforming the S&P 500’s 1.23% gain. (Exhibit 1). The strategy ended the week up 15.91% YTD, 182 basis points ahead of the S&P 500Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 09/25/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (09/18-09/25) | 0.89% | 1.23% |
| MTD | -0.93% | 0.84% |
| QTD | 5.17% | 3.52% |
| YTD | 15.91% | 14.09% |
| 1 Year | 23.22% | 18.62% |
| 3 Year | 30.66% | 22.92% |
| 5 Year | 8.52% | 13.30% |
| 10 Year | 13.55% | 15.49% |
| Inception (annualized since 6/26/00) | 8.83% | 8.55% |
Source: Bloomberg, Patient Capital Management.
Loop increased its price target on Meta Platforms, Inc. (META) from $740 to $955 (27% upside), citing the early success of Muse, Meta’s personal AI agent, as evidence of Meta’s ability to deliver product innovation and AI-related monetization. Loop now includes initial revenue from new AI products in its forecast, adding ~$6B to 2027 revenue and ~$1.45 to EPS, which it views as an early, conservative estimate.Loop lowered its price target on QXO, Inc. (QXO) from $26 to $23 (85% upside), citing near-term demand challenges and a more cautious 2027 outlook following the Fed’s first rate hike since 2023.
People Inc. (PPLI) jumped above its 50-day moving average after withdrawing its proposed acquisition of MGM Resorts International (MGM). Truist maintained its $62 price target (58% upside), highlighting that PPLI will have a lot more capacity for share repurchases.
United Airlines Holdings, Inc. (UAL) broke above its 200-day moving average on limited news. UBS increased its price target from $137 to $146 (28% upside).
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 09/18/2026 - 09/25/2026
| Name | Type | Net Return |
| Meta Platforms, Inc. | Equity | 13.0% |
| Meta Platforms Inc. 01/28 540C | Derivative | 31.5% |
| QXO, Inc. | Equity | 9.3% |
| People Inc. | Equity | 10.5% |
| United Airlines Holdings, Inc. | Equity | 4.9% |
Source: Patient Capital Management. See below for additional information.
Chime Financial Inc (CHYM) slipped below its 50-day moving average and Energy Transfer LP (ET) broke below its 50-day and 100-day moving averages on limited news.
Adobe Inc. (ADBE) dropped under its 100-day moving average after CEO Shantanu Narayen sold ~$31 million of common stock.
Seadrill Limited (SDRL) fell through its 50-day moving average despite Brent’s 0.43% climb.
Precigen, Inc. (PGEN) reached a new 52-week high early in the week after the FDA granted its AdenoVerse immunotherapeutic platform a platform technology designation, enabling the company to leverage Papzimeos data to accelerate AdenoVerse development. Precigen subsequently pulled back later in the week despite B. Riley imitating coverage with a $12 price target (55% upside).
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 09/18/2026 - 09/25/2026
| Name | Type | Net Return |
| Chime Financial Inc | Equity | -11.7% |
| Energy Transfer LP | Equity | -4.5% |
| Adobe Inc. | Equity | -5.4% |
| Seadrill Limited | Equity | -4.0% |
| Precigen, Inc. Warrant 2034 | Derivative | -1.9% |
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.
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