Leerink Partners analyst Joseph Schwartz has maintained their bullish stance on PEPG stock, giving a Buy rating yesterday.
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Joseph Schwartz has given his Buy rating due to a combination of factors related to PepGen Inc.’s strategic shift and promising developments in their DM1 program. The decision to discontinue the DMD program, despite disappointing results, is seen as a prudent move that allows the company to focus resources on the more promising PGN-EDODM1 for myotonic dystrophy type 1 (DM1). This strategic pivot is expected to resonate well with investors, as the early data from the DM1 program has been positively received by the market.
Moreover, the management’s confidence in the distinct mechanism and robust target engagement of PGN-EDODM1 further supports the Buy rating. The upcoming data readouts from the FREEDOM-DM1 study are anticipated to provide additional validation of the program’s potential. Despite the reduction in the 12-month price target to $10, the overall outlook remains optimistic, with the company’s focus on DM1 expected to drive future growth.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $8.00 price target.
Based on the recent corporate insider activity of 25 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PEPG in relation to earlier this year.