Wedbush Forecasts Strong Price Appreciation for PepGen (NASDAQ:PEPG) Stock

Key Points

• Wedbush has increased its price target for PepGen (NASDAQ: PEPG) from $7.00 to $9.00, indicating a potential upside of 50.96% based on the stock's previous close.
• Despite a recent price increase of 124.1% in PepGen's stock, Guggenheim maintains a "buy" rating with a lower target of $6.00, while HC Wainwright has set a target of $12.00.
• Institutional investors currently own 58.01% of PepGen's stock, with notable increases in holdings from companies like Deutsche Bank AG, which raised its stake by 442.5%.

PepGen (NASDAQ:PEPG - Get Free Report) had its target price boosted by equities researchers at Wedbush from $7.00 to $9.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Wedbush's price target suggests a potential upside of 50.96% from the company's previous close.

A number of other research analysts have also recently commented on PEPG. Guggenheim restated a "buy" rating and issued a $6.00 price target on shares of PepGen in a research report on Wednesday. HC Wainwright lifted their price objective on shares of PepGen from $8.00 to $12.00 and gave the company a "buy" rating in a research note on Thursday. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $7.50.

PepGen Stock Up 124.1%

Shares of NASDAQ:PEPG opened at $5.96 on Thursday. The stock has a market cap of $195.55 million, a PE ratio of -2.06 and a beta of 1.17. The business has a 50 day moving average of $1.42 and a 200-day moving average of $1.45. PepGen has a 12-month low of $0.88 and a 12-month high of $9.94.

PepGen (NASDAQ:PEPG - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.70) EPS for the quarter, beating analysts' consensus estimates of ($0.85) by $0.15. Equities research analysts expect that PepGen will post -2.73 earnings per share for the current year.

Institutional Trading of PepGen

Hedge funds have recently made changes to their positions in the company. XTX Topco Ltd bought a new stake in shares of PepGen during the 1st quarter valued at $25,000. ADAR1 Capital Management LLC bought a new position in shares of PepGen in the first quarter worth $29,000. Rangeley Capital LLC boosted its stake in PepGen by 133.3% during 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 during the period. Marshall Wace LLP bought a new position in PepGen in the 2nd quarter worth about $44,000. Finally, Deutsche Bank AG raised its holdings in shares of PepGen by 442.5% in the 4th quarter. Deutsche Bank AG now owns 44,735 shares of the company's stock valued at $170,000 after acquiring an additional 36,489 shares in the last quarter. 58.01% of the stock is currently owned by 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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