Short Interest in PepGen Inc. (NASDAQ:PEPG) Drops By 14.1%

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

Hedge Funds Weigh In On PepGen

Several institutional investors have recently bought and sold shares of the business. Suvretta Capital Management LLC grew its stake in PepGen by 9.2% in the third quarter. Suvretta Capital Management LLC now owns 1,660,932 shares of the company’s stock valued at $14,201,000 after purchasing an additional 140,000 shares during the last quarter. Barclays PLC boosted its holdings in shares of PepGen by 318.7% in the 3rd quarter. Barclays PLC now owns 21,971 shares of the company’s stock valued at $189,000 after buying an additional 16,723 shares in the last quarter. Jane Street Group LLC grew its position in shares of PepGen by 29.1% in the 3rd quarter. Jane Street Group LLC now owns 27,748 shares of the company’s stock worth $237,000 after buying an additional 6,254 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of PepGen by 331.2% during the 3rd quarter. Janus Henderson Group PLC now owns 2,336,516 shares of the company’s stock worth $20,012,000 after acquiring an additional 1,794,641 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in PepGen by 19.9% during the second quarter. American Century Companies Inc. now owns 20,028 shares of the company’s stock valued at $320,000 after acquiring an additional 3,326 shares during the last quarter. 58.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

PepGen Stock Performance

PepGen stock traded down $0.12 during midday trading on Friday, hitting $2.30. 131,834 shares of the company’s stock were exchanged, compared to its average volume of 244,938. The company has a market cap of $74.98 million, a PE ratio of -0.77 and a beta of 1.66. The firm has a 50-day moving average of $4.28 and a two-hundred day moving average of $8.44. PepGen has a 12 month low of $2.30 and a 12 month high of $19.30.

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.