Short Interest in PepGen Inc. (NASDAQ:PEPG) Declines By 15.3%

PepGen Inc. (NASDAQ:PEPG) saw a significant drop in short interest in the month of April. As of April 15th, there was short interest totalling 338,800 shares, a drop of 15.3% from the March 31st total of 400,200 shares. Based on an average daily trading volume, of 134,600 shares, the days-to-cover ratio is presently 2.5 days. Approximately 1.3% of the company’s shares are sold short.

Insiders Place Their Bets

In related news, Director Ra Capital Management, L.P. purchased 2,557,593 shares of PepGen stock in a transaction dated Friday, February 9th. The shares were acquired at an average cost of $10.64 per share, with a total value of $27,212,789.52. Following the purchase, the director now owns 9,179,273 shares of the company’s stock, valued at $97,667,464.72. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 3.97% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PepGen

Several institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of PepGen during the 3rd quarter worth $33,000. Rathbones Group PLC purchased a new stake in shares of PepGen during the 3rd quarter worth $315,000. Finally, Adage Capital Partners GP L.L.C. lifted its position in shares of PepGen by 18.3% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 680,000 shares of the company’s stock worth $3,454,000 after purchasing an additional 105,000 shares during the last quarter. 58.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Wedbush lowered their price objective on shares of PepGen from $21.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday, March 7th.

PepGen Trading Up 2.0 %

PepGen stock opened at $11.93 on Monday. PepGen has a 52-week low of $3.72 and a 52-week high of $17.51. The company’s 50 day moving average is $13.59 and its two-hundred day moving average is $9.31.

PepGen (NASDAQ:PEPG) last released its earnings results on Wednesday, March 6th. The company reported ($0.82) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.01) by $0.19. As a group, equities analysts forecast that PepGen will post -2.88 EPS for the current fiscal year.

PepGen Company Profile

PepGen Inc, a clinical-stage biotechnology company, focuses on the development of oligonucleotide therapeutics for use in the treatment of severe neuromuscular and neurologic diseases. Its lead product candidate is PGN-EDO51, an EDO peptide that is in Phase 2 clinical trial to treat Duchenne muscular dystrophy (DMD) patients.