PepGen (NASDAQ:PEPG) Stock Price Down 2.2% – Here’s What Happened

Shares of PepGen, Inc. (NASDAQ:PEPG) were down 2.2% during mid-day trading on Monday . The company traded as low as $2.17 and last traded at $2.20. 490,369 shares were traded during trading, a decline of 54% from the average daily volume of 1,062,161 shares. The stock had previously closed at $2.25.

Analysts Set New Price Targets

PEPG has been the topic of several research analyst reports. Wall Street Zen upgraded PepGen from a “sell” rating to a “hold” rating in a research note on Sunday, June 7th. HC Wainwright reissued a “buy” rating on shares of PepGen in a report on Thursday, May 21st. Weiss Ratings lowered PepGen from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 2nd. Craig Hallum started coverage on shares of PepGen in a report on Tuesday, June 16th. They set a “buy” rating and a $11.00 price objective on the stock. Finally, Wedbush decreased their price objective on shares of PepGen from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, PepGen has an average rating of “Moderate Buy” and a consensus price target of $11.50.

PepGen Stock Performance

The company has a market cap of $132.80 million, a PE ratio of -1.10 and a beta of 1.88. The stock has a 50 day moving average of $1.74 and a 200-day moving average of $3.49.

PepGen (NASDAQ:PEPG) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.05. Equities research analysts forecast that PepGen, Inc. will post -1.2 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Rangeley Capital LLC boosted its holdings in PepGen by 133.3% in the second quarter. Rangeley Capital LLC now owns 35,000 shares of the company’s stock valued at $39,000 after purchasing an additional 20,000 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of PepGen in the 2nd quarter valued at about $44,000. Burkehill Global Management LP purchased a new stake in shares of PepGen in the third quarter worth about $46,000. Militia Capital Partners LP purchased a new stake in shares of PepGen in the third quarter worth about $72,000. Finally, China Universal Asset Management Co. Ltd. grew its holdings in PepGen by 94.9% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 11,202 shares of the company’s stock worth $73,000 after acquiring an additional 5,453 shares during the period. Hedge funds and other institutional investors own 58.01% of the company’s stock.

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).