Bank of America Issues Pessimistic Forecast for PepGen (NASDAQ:PEPG) Stock Price

PepGen (NASDAQ:PEPG) had its price target reduced by analysts at Bank of America from $10.00 to $6.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price target indicates a potential upside of 34.23% from the company’s previous close.

Several other brokerages also recently weighed in on PEPG. HC Wainwright reaffirmed a “buy” rating and set a $26.00 target price on shares of PepGen in a research note on Friday, November 8th. Wedbush dropped their price target on shares of PepGen from $19.00 to $12.00 and set an “outperform” rating for the company in a research note on Friday, November 8th.

PepGen Price Performance

Shares of NASDAQ:PEPG opened at $4.47 on Monday. The firm has a market capitalization of $145.72 million, a PE ratio of -1.50 and a beta of 1.76. PepGen has a 1 year low of $3.90 and a 1 year high of $19.30. The firm’s 50-day moving average is $7.85 and its two-hundred day moving average is $11.80.

Hedge Funds Weigh In On PepGen

A number of institutional investors and hedge funds have recently made changes to their positions in PEPG. Acadian Asset Management LLC acquired a new stake in PepGen in the first quarter valued at approximately $30,000. Point72 DIFC Ltd acquired a new position in PepGen during the 2nd quarter worth approximately $42,000. American Century Companies Inc. increased its position in shares of PepGen by 19.9% in the 2nd quarter. American Century Companies Inc. now owns 20,028 shares of the company’s stock valued at $320,000 after purchasing an additional 3,326 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of PepGen by 36.1% in the 2nd quarter. Rhumbline Advisers now owns 18,853 shares of the company’s stock valued at $301,000 after purchasing an additional 5,002 shares in the last quarter. Finally, Jane Street Group LLC lifted its position in shares of PepGen by 29.1% during the 3rd quarter. Jane Street Group LLC now owns 27,748 shares of the company’s stock worth $237,000 after purchasing an additional 6,254 shares during the last quarter. 58.01% of the stock is owned by institutional investors and hedge funds.

About PepGen

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.