PepGen price target raised to $12 from $8 at H.C. Wainwright

H.C. Wainwright raised the firm’s price target on PepGen (PEPG) to $12 from $8 and keeps a Buy rating on the shares. The company reported 53.7% mean splicing correction at 15 mg/kg in the FREEDOM single dose study, the highest level disclosed in myotonic dystrophy type 1 patients to date, the analyst tells investors in a research note. The firm says one patient experienced a transient, reversible renal biomarker elevation that although resolved without intervention, indicates that the program “might not be out of the woods yet.” However, PepGen’s nearly 54% correction sets a new benchmark and “strongly suggests that repeat dosing could yield clinically meaningful functional benefit,” contends H.C. Wainwright.