PepGen price target lowered to $1 from $3 at BofA

BofA lowered the firm’s price target on PepGen (PEPG) to $1 from $3 and keeps an Underperform rating on the shares after the company announced it will be discontinuing development of Duchenne muscular dystrophy programs following “disappointing” 10mg/kg data for PGN-EDO51. PepGen will now focus developmental efforts on its DM1 program, which the firm thinks “still needs significant de-risking,” the analyst tells investors. The firm updated its model for Q1 results, cash and share count and removed value for DMD from its model based on the discontinuation.