Short Interest in PepGen, Inc. (NASDAQ:PEPG) Expands By 361.6%

Key Points

• PepGen, Inc. experienced a dramatic increase in short interest, rising by 361.6% from 1,120,000 shares to 5,170,000 shares by September 30th.
• The stock trades at around $5.00 with analysts projecting a consensus target price of $8.40 and various ratings from "buy" to "sell."
• Major shareholder Science Enterprises Plc Oxford increased their stake by 200,000 shares, indicating confidence in the company, which is actively developing treatments for severe neuromuscular diseases.

PepGen, Inc. (NASDAQ:PEPG - Get Free Report) was the recipient of a significant growth in short interest in September. As of September 30th, there was short interest totaling 5,170,000 shares, a growth of 361.6% from the September 15th total of 1,120,000 shares. Approximately 8.9% of the company's stock are short sold. Based on an average trading volume of 3,170,000 shares, the days-to-cover ratio is currently 1.6 days. Based on an average trading volume of 3,170,000 shares, the days-to-cover ratio is currently 1.6 days. Approximately 8.9% of the company's stock are short sold.

PepGen Price Performance

Shares of PEPG stock traded up $0.20 during midday trading on Friday, hitting $5.00. The company had a trading volume of 447,881 shares, compared to its average volume of 2,023,323. The company's 50 day simple moving average is $2.55 and its 200 day simple moving average is $1.78. PepGen has a 52-week low of $0.88 and a 52-week high of $9.15. The stock has a market cap of $163.84 million, a price-to-earnings ratio of -1.68 and a beta of 1.96.

PepGen (NASDAQ:PEPG - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.70) earnings per share for the quarter, beating the consensus estimate of ($0.85) by $0.15. Analysts anticipate that PepGen will post -2.73 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Wedbush boosted their price target on PepGen from $7.00 to $9.00 and gave the stock an "outperform" rating in a research note on Thursday, September 25th. HC Wainwright increased their target price on PepGen from $8.00 to $12.00 and gave the stock a "buy" rating in a research note on Thursday, September 25th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of PepGen in a research report on Wednesday, October 8th. Guggenheim reaffirmed a "buy" rating and issued a $6.00 price target on shares of PepGen in a research report on Wednesday, September 24th. Finally, Stifel Nicolaus raised their target price on PepGen from $9.00 to $12.00 and gave the stock a "buy" rating in a research report on Thursday, September 25th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $8.40.

Insider Buying and Selling at PepGen

In related news, major shareholder Science Enterprises Plc Oxford bought 200,000 shares of the business's stock in a transaction on Tuesday, September 30th. The shares were bought at an average price of $3.20 per share, for a total transaction of $640,000.00. Following the completion of the purchase, the insider directly owned 4,955,388 shares of the company's stock, valued at approximately $15,857,241.60. This trade represents a 4.21% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.20% of the stock is owned by insiders.

Institutional Trading of PepGen

A number of institutional investors have recently modified their holdings of the business. Rangeley Capital LLC boosted its stake in shares of 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 buying an additional 20,000 shares in the last quarter. Bridgeway Capital Management LLC boosted its position in PepGen by 61.5% during the second quarter. Bridgeway Capital Management LLC now owns 91,923 shares of the company's stock worth $102,000 after purchasing an additional 35,000 shares in the last quarter. RBF Capital LLC purchased a new stake in PepGen during the second quarter worth $111,000. Qube Research & Technologies Ltd purchased a new stake in PepGen during the second quarter worth $81,000. Finally, Marshall Wace LLP purchased a new stake in shares of PepGen in the second quarter valued at $44,000. 58.01% of the stock is currently owned by hedge funds and other institutional investors.

PepGen Company Profile

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.

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