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

BofA raised the firm’s price target on PepGen (PEPG) to $3 from $1 and keeps an Underperform rating on the shares. The firm updated its model to include standalone value for the DM1 program following “positive” early phase 1 splicing correction data, but continues to look for color on the translation of splicing correction to functional benefit as well as the splicing correction observed in a repeat dosing setting. However, the firm reminds investors that PepGen is behind competitors in development and says it remains unclear if an accelerated path will be open.