PepGen price target raised to $12 from $9 at Stifel

Stifel raised the firm’s price target on PepGen (PEPG) to $12 from $9 and keeps a Buy rating on the shares after the company reported data from the 15 mg/kg dose cohort of its ongoing FREEDOM-DM1 Phase 1 single ascending dose study in patients with myotonic dystrophy type 1. A roughly 54% splicing improvement is “a meaningful step-up” from the 10mg/kg result of about a 29% correction and “the best seen so far in the DM1 space,” says the analyst, who has increased the firm’s view of the odds of success in this program to 35% from 25%.