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PepGen Inc.
(NASDAQ:PEPG)
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Rating:46Neutral
Price Target:
$2.50
▼(-18.83% Downside)
Action:Reiterated
Date:09/30/26
The score is held down primarily by weak financial performance (no revenue, ongoing losses, and sustained cash burn implying continued financing reliance). Technicals also point to a bearish trend despite oversold readings. Positive corporate updates and liquidity runway provide some offset, but not enough to overcome the current pre-commercial risk profile.
Positive Factors
Clinical pipeline advancement
The DSMB-supported move into a higher-dose Phase 2 cohort is meaningful clinical progress for PepGen’s lead program. Continued dosing and planned data readouts create identifiable development milestones that could validate the platform and support later regulatory engagement.
Negative Factors
No commercial revenue
Zero reported revenue confirms that PepGen remains entirely pre-commercial and has not yet demonstrated product-market monetization. Its ability to create lasting shareholder value therefore depends on successful clinical development, regulatory progress, and eventual commercialization.
Read all positive and negative factors
Positive Factors
Negative Factors
Clinical pipeline advancement
The DSMB-supported move into a higher-dose Phase 2 cohort is meaningful clinical progress for PepGen’s lead program. Continued dosing and planned data readouts create identifiable development milestones that could validate the platform and support later regulatory engagement.
Read all positive factors
PepGen Inc. (PEPG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$180.07M
Dividend YieldN/A
Average Volume (3M)929.64K
Price to Earnings (P/E)―
Beta (1Y)0.87
Revenue GrowthN/A
EPS Growth56.00%
CountryUS
Employees57
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.50
Shares Outstanding69,259,514
10 Day Avg. Volume1,223,504
30 Day Avg. Volume929,643
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)1.86
Price to Sales (P/S)0.00
P/FCF Ratio-3.36
Enterprise Value/Market Cap0.13
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-13.65
Enterprise Value/Ebitda-0.33
Forecast
1Y Price Target
$11.75Price Target Upside281.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)-1.08
Revenue Forecast (FY)N/A
PepGen Inc. Business Overview & Revenue Model
Company Description
PepGen Inc., a clinical-stage biotechnology company, develops oligonucleotide therapeutics for the treatment of severe neuromuscular and neurologic diseases in the United States. The company engages in the development of PGN-EDODM1, an EDO peptide...
How the Company Makes Money
As a clinical-stage biotechnology company, PepGen Inc. does not have publicly available information indicating material recurring revenue from commercial product sales; therefore, detailed revenue model and key revenue streams are null. null...
PepGen Inc. Earnings Call Summary
Earnings Call Date:Mar 06, 2024
(Q4-2023)
| % Change Since: |
Next Earnings Date:Mar 10, 2027
Earnings Call Sentiment Positive
The earnings call highlighted significant progress in clinical trials and a strong financial position due to recent funding, as well as regulatory advancements such as FDA fast track designation. However, there were challenges with increased expenses and a notable net loss for the year. Despite these financial lowlights, the clinical and regulatory achievements present a strong positive outlook.Positive Updates
Clinical Trial Progress
Completed enrollment for cohort 1 in CONNECT1-EDO51 evaluating 5 mg per kg dose in DMD patients in the Phase II clinical trial. Clearance received from MHRA in the U.K. to initiate CONNECT2-EDO51, a Phase II study of EDO51.
Negative Updates
Increased Expenses
Research and development expenses increased to $68.1 million for the full year 2023, attributed to advancement of PGN-ED051 and PGN-EDODM1 programs.
Read all updates
Q4-2023 Updates
Positive
Negative
Clinical Trial Progress
Completed enrollment for cohort 1 in CONNECT1-EDO51 evaluating 5 mg per kg dose in DMD patients in the Phase II clinical trial. Clearance received from MHRA in the U.K. to initiate CONNECT2-EDO51, a Phase II study of EDO51.
Read all positive updates
Company Guidance
During the PepGen Q4 2023 earnings call, the company provided guidance on several key metrics and developments. They highlighted the initiation of clinical trials for their EDO cell-penetrating peptide platform targeting Duchenne Muscular Dystrophy (DMD) and myotonic dystrophy type 1 (DM1). PepGen's lead program, PGN-EDO51, aims to treat DMD with an exon 51-skipping approach, targeting approximately 13% of DMD patients in the U.S. and EU. They completed enrollment for cohort 1 in CONNECT1-EDO51 at a 5 mg per kg dose and anticipate escalating to 10 mg per kg pending safety reviews. The company expects preliminary data for the 5 mg per kg cohort by mid-2024, with projections suggesting high dystrophin production levels. For DM1, the FDA lifted a clinical hold on EDODM1, which received fast track designation. The FREEDOM-DM1 Phase I trial began dosing in December 2023, and PepGen aims to report preliminary data in the second half of 2024. Financially, PepGen reported a net loss of $19.5 million for Q4 and $78.6 million for the full year, with research and development expenses totaling $68.1 million in 2023. Following a stock offering in early 2024, they are positioned to fund operations into 2026.PepGen Inc. Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
52
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -1.72M | -1.40M | -1.50M | -1.18M | 0.00 | 0.00 |
| EBITDA | -70.78M | -88.21M | -89.09M | -77.37M | -64.91M | -27.10M |
| Net Income | -71.94M | -89.66M | -89.98M | -78.63M | -69.10M | -27.28M |
Balance Sheet | ||||||
| Total Assets | 141.40M | 173.91M | 150.88M | 143.05M | 217.44M | 143.64M |
| Cash, Cash Equivalents and Short-Term Investments | 117.24M | 148.46M | 120.19M | 110.41M | 181.75M | 132.90M |
| Total Debt | 16.09M | 17.00M | 18.66M | 20.10M | 24.53M | 0.00 |
| Total Liabilities | 21.86M | 26.46M | 32.26M | 34.63M | 37.81M | 10.55M |
| Stockholders Equity | 119.53M | 147.44M | 118.62M | 108.42M | 179.63M | 133.09M |
Cash Flow | ||||||
| Free Cash Flow | -69.46M | -81.90M | -82.87M | -71.60M | -63.02M | -23.10M |
| Operating Cash Flow | -69.34M | -81.64M | -82.37M | -69.00M | -59.27M | -22.60M |
| Investing Cash Flow | -52.32M | -15.23M | -37.67M | -32.00M | -3.75M | -500.00K |
| Financing Cash Flow | 109.33M | 107.98M | 88.75M | -189.00K | 112.19M | 147.66M |
PepGen Inc. Technical Analysis
Neutral
3.08
Price Trends
2.79
Negative
2.41
Positive
3.08
Negative
Market Momentum
-0.02
Negative
49.79
Neutral
36.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PEPG, the sentiment is Neutral. The current price of 3.08 is above the 20-day moving average (MA) of 2.50, above the 50-day MA of 2.79, and above the 200-day MA of 3.08, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 49.79 is Neutral, neither overbought nor oversold. The STOCH value of 36.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PEPG.
PepGen Inc. Risk Analysis
PepGen Inc. disclosed 96 risk factors in its most recent earnings report. PepGen Inc. reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
PepGen Inc. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $247.99M | -0.86 | -91.62% | ― | -55.00% | 51.58% | |
48 Neutral | $235.59M | -2.50 | -41.85% | ― | ― | 64.51% | |
47 Neutral | $399.31M | -3.48 | -196.63% | ― | 20.83% | 73.89% | |
46 Neutral | $180.07M | -1.73 | -51.01% | ― | ― | 56.00% | |
45 Neutral | $268.95M | -15.31 | -5.76% | ― | ― | 93.45% |
* Healthcare Sector Average
PEPG
PepGen Inc.
2.60
-1.91
-42.35%
RCKT
Rocket Pharmaceuticals
2.58
-1.20
-31.75%
EDIT
Editas Medicine
2.95
-0.09
-2.96%
LYEL
Lyell Immunopharma
10.12
-6.47
-39.00%
LXEO
Lexeo Therapeutics, Inc.
2.87
-7.04
-71.04%
PepGen Inc. Corporate Events
Business Operations and StrategyFinancial Disclosures
PepGen Advances PGN-EDODM1 Trial and Strengthens Finances
Positive
Aug 6, 2026
On August 6, 2026, PepGen reported second-quarter 2026 financial results and detailed progress in its PGN-EDODM1 program for myotonic dystrophy type 1, highlighting that an independent Data and Safety Monitoring Board recommended advancing the Pha...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.