Wedbush Lowers PepGen (NASDAQ:PEPG) Price Target to $5.00

PepGen (NASDAQ:PEPG) had its target price decreased by research analysts at Wedbush from $9.00 to $5.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price objective points to a potential upside of 187.36% from the company’s current price.

Several other equities analysts have also issued reports on the company. Oppenheimer began coverage on PepGen in a research note on Wednesday, February 25th. They set an “outperform” rating and a $15.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of PepGen in a research report on Thursday, January 22nd. Finally, Guggenheim upped their target price on PepGen from $6.00 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, February 18th. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $11.80.

PepGen Trading Down 1.7%

Shares of PepGen stock opened at $1.74 on Tuesday. PepGen has a 1 year low of $0.88 and a 1 year high of $7.80. The company’s fifty day simple moving average is $5.44 and its 200-day simple moving average is $5.19. The company has a market cap of $120.25 million, a price-to-earnings ratio of -0.72 and a beta of 2.35.

PepGen (NASDAQ:PEPG) last issued its quarterly earnings results on Wednesday, March 4th. The company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.13. As a group, research analysts forecast that PepGen will post -2.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PepGen

Hedge funds have recently modified their holdings of the stock. Rangeley Capital LLC grew its holdings in PepGen by 133.3% during the 2nd quarter. Rangeley Capital LLC now owns 35,000 shares of the company’s stock worth $39,000 after acquiring an additional 20,000 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of PepGen during the second quarter valued at approximately $44,000. Heights Capital Management Inc. acquired a new stake in shares of PepGen in the third quarter valued at approximately $46,000. Burkehill Global Management LP bought a new position in PepGen in the 3rd quarter worth approximately $46,000. Finally, Militia Capital Partners LP acquired a new position in PepGen during the 3rd quarter worth $72,000. 58.01% of the stock is owned by institutional investors and hedge funds.

About PepGen

PepGen, Inc (NASDAQ: PEPG) is a clinical-stage biotechnology company headquartered in San Diego, California. The company is developing precision gene editing therapies to address rare genetic diseases by combining advanced prime editing modalities with proprietary delivery technologies. PepGen’s platform is designed to achieve targeted and durable correction of disease-causing mutations in vivo, with the goal of providing long-lasting therapeutic benefit after a single administration.

The company’s lead development programs include PPG-001 for mucopolysaccharidosis type II (Hunter syndrome) and PPG-002 for mucopolysaccharidosis type I (Hurler syndrome).