PepGen price target lowered to $8 from $14 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on PepGen (PEPG) to $8 from $14 and keeps a Buy rating on the shares after the company announced it is planning to discontinue the PGN-EDO51 program given the failure to achieve meaningful dystrophin expression. The decision is a prudent one, not only from the efficacy point of view but also from the safety hurdles that the program encountered during the course of the study, the analyst tells investors in a research note. H.C. Wainwright believes “encouraging” splicing data along with trend in clinical improvement can see a potential acquisition bid for PepGen, given the growing interest in myotonic dystrophy type 1.