PepGen Inc. (NASDAQ:PEPG) Sees Large Drop in Short Interest

PepGen Inc. (NASDAQ:PEPG) was the target of a significant decrease in short interest during the month of December. As of December 31st, there was short interest totalling 694,200 shares, a decrease of 14.1% from the December 15th total of 808,100 shares. Based on an average daily volume of 159,500 shares, the short-interest ratio is presently 4.4 days. Approximately 2.6% of the company’s shares are sold short.

PepGen Stock Performance

Shares of PEPG stock traded down $0.18 on Thursday, reaching $2.42. 206,354 shares of the company’s stock traded hands, compared to its average volume of 131,725. The company has a market capitalization of $78.89 million, a P/E ratio of -0.81 and a beta of 1.66. PepGen has a 12-month low of $2.40 and a 12-month high of $19.30. The business’s 50 day moving average price is $4.40 and its two-hundred day moving average price is $8.59.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Wedbush dropped their price target on PepGen from $19.00 to $12.00 and set an “outperform” rating on the stock in a research note on Friday, November 8th. Bank of America cut shares of PepGen from a “neutral” rating to an “underperform” rating and set a $3.00 target price for the company. in a report on Monday, December 16th. Finally, HC Wainwright restated a “buy” rating and set a $26.00 price target on shares of PepGen in a report on Friday, November 8th.

Hedge Funds Weigh In On PepGen

Several institutional investors and hedge funds have recently bought and sold shares of the business. Point72 DIFC Ltd purchased a new stake in shares of PepGen in the second quarter worth approximately $42,000. Allspring Global Investments Holdings LLC acquired a new position in PepGen in the 3rd quarter valued at approximately $95,000. Renaissance Technologies LLC purchased a new stake in PepGen in the 2nd quarter worth approximately $192,000. Marshall Wace LLP purchased a new stake in PepGen in the 2nd quarter worth approximately $196,000. Finally, XTX Topco Ltd acquired a new stake in shares of PepGen during the 3rd quarter valued at $130,000. Hedge funds and other institutional investors own 58.01% of the company’s stock.

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.