PepGen (NASDAQ:PEPG) Shares Down 3.5% – Here’s Why

PepGen, Inc. (NASDAQ:PEPG) dropped 3.5% during trading on Tuesday . The company traded as low as $1.34 and last traded at $1.38. Approximately 79,153 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 229,100 shares. The stock had previously closed at $1.43.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright lowered their price target on PepGen from $14.00 to $8.00 and set a “buy” rating for the company in a research report on Thursday, May 29th.

PepGen Trading Down 3.5%

The firm has a market capitalization of $45.15 million, a PE ratio of -0.44 and a beta of 1.16. The business has a 50-day moving average of $1.38 and a 200 day moving average of $1.58.

PepGen (NASDAQ:PEPG) last announced its earnings results on Thursday, May 8th. The company reported ($0.92) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.72) by ($0.20). On average, sell-side analysts expect that PepGen, Inc. will post -2.73 EPS for the current fiscal year.

Hedge Funds Weigh In On PepGen

A number of hedge funds and other institutional investors have recently made changes to their positions in PEPG. XTX Topco Ltd purchased a new stake in PepGen in the 1st quarter worth about $25,000. ADAR1 Capital Management LLC purchased a new stake in PepGen in the 1st quarter worth about $29,000. Corton Capital Inc. purchased a new stake in PepGen in the 4th quarter worth about $68,000. AQR Capital Management LLC purchased a new stake in PepGen in the 1st quarter worth about $122,000. Finally, Nuveen LLC purchased a new stake in PepGen in the 1st quarter worth about $139,000. 58.01% of the stock is owned by hedge funds and other institutional investors.

About PepGen

PepGen Inc, a clinical-stage biotechnology company, focuses on the development of oligonucleotide therapeutics for use in the treatment of severe neuromuscular and neurologic diseases. Its lead product candidate is PGN-EDO51, an EDO peptide that is in Phase 2 clinical trial to treat Duchenne muscular dystrophy (DMD) patients.