PepGen price target raised to $9 from $7 at Wedbush

Wedbush raised the firm’s price target on PepGen (PEPG) to $9 from $7 and keeps an Outperform rating on the shares. Single-dose 15mg/kg PGN-EDODM1 data was slightly earlier than anticipated, which demonstrated a near doubling in splicing correction over the 10mg/kg PGNEDODM1 dose with a mean splicing correction of -53.7% at day 28, the firm notes. This appears to be numerically higher vs. AOC 1001 from Avidity Bio (RNA). Additionally, PepGen reported higher increases in muscle concentration at the 15mg/kg PGN-EDODM1 dose vs. the 5 and 10 mg/kg doses. While no trends in functional endpoints were observed, this was only a 28-day study and a single dose treatment, Wedbush adds.