PepGen Inc. (NASDAQ:PEPG) Short Interest Down 14.1% in December

PepGen Inc. (NASDAQ:PEPG) was the target of a significant decline in short interest during the month of December. As of December 31st, there was short interest totalling 694,200 shares, a decline of 14.1% from the December 15th total of 808,100 shares. Currently, 2.6% of the company’s stock are sold short. Based on an average trading volume of 159,500 shares, the short-interest ratio is currently 4.4 days.

Analysts Set New Price Targets

A number of brokerages have issued reports on PEPG. Wedbush cut their price target on shares of PepGen from $19.00 to $12.00 and set an “outperform” rating on the stock in a research note on Friday, November 8th. HC Wainwright reissued a “buy” rating and issued a $26.00 target price on shares of PepGen in a research report on Friday, November 8th. Finally, Bank of America cut PepGen from a “neutral” rating to an “underperform” rating and set a $3.00 price target for the company. in a research report on Monday, December 16th.

Institutional Trading of PepGen

A number of hedge funds and other institutional investors have recently made changes to their positions in PEPG. Janus Henderson Group PLC raised its position in PepGen by 331.2% during the third quarter. Janus Henderson Group PLC now owns 2,336,516 shares of the company’s stock valued at $20,012,000 after acquiring an additional 1,794,641 shares in the last quarter. Suvretta Capital Management LLC grew its stake in shares of PepGen by 9.2% during the 3rd quarter. Suvretta Capital Management LLC now owns 1,660,932 shares of the company’s stock worth $14,201,000 after purchasing an additional 140,000 shares during the period. Walleye Capital LLC purchased a new position in shares of PepGen during the 3rd quarter valued at approximately $519,000. Bank of New York Mellon Corp lifted its stake in shares of PepGen by 43.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 44,157 shares of the company’s stock valued at $705,000 after purchasing an additional 13,397 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in PepGen by 76.9% during the third quarter. Wellington Management Group LLP now owns 40,517 shares of the company’s stock worth $346,000 after buying an additional 17,618 shares in the last quarter. Institutional investors and hedge funds own 58.01% of the company’s stock.

PepGen Price Performance

PEPG traded down $0.12 during trading on Friday, reaching $2.30. 131,834 shares of the company’s stock were exchanged, compared to its average volume of 244,938. PepGen has a 1 year low of $2.30 and a 1 year high of $19.30. The company’s fifty day simple moving average is $4.28 and its 200-day simple moving average is $8.44. The stock has a market capitalization of $74.98 million, a P/E ratio of -0.77 and a beta of 1.66.

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.