In a report released yesterday, Tazeen Ahmad from Bank of America Securities maintained a Buy rating on PepGen Inc. (PEPG – Research Report), with a price target of $21.00.
Tazeen Ahmad has given his Buy rating due to a combination of factors affecting PepGen Inc.’s prospects within the Duchenne muscular dystrophy (DMD) treatment space. Ahmad indicates that the recent surge in PepGen’s share price is likely a result of renewed investor interest, which has been spurred by encouraging trial results from competitors in the DMD exon skipping market. Despite PepGen’s position behind its competitors in the development pipeline, Ahmad believes in the potential of PepGen’s enhanced delivery oligonucleotide (EDO) platform to achieve possibly best-in-class efficacy. This confidence is underpinned by promising results in healthy volunteers that suggest high potential for significant dystrophin expression in DMD patients.
Furthermore, Ahmad maintains the Buy rating with a price objective of $21, bolstered by the expectation of preliminary phase 2 data in mid-2024. The CONNECT1-EDO51 study is currently underway, aiming to demonstrate the safety and efficacy of PGN-EDO51, with plans to progress towards a more comprehensive phase 2 trial (CONNECT2) that could potentially facilitate accelerated approval. Ahmad’s outlook is also informed by the intention to conduct surveys with key opinion leaders to better gauge the expectations for the upcoming trial readouts and to understand the broader implications for the DMD treatment landscape.
In another report released yesterday, Wedbush also maintained a Buy rating on the stock with a $21.00 price target.
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PepGen Inc. (PEPG) Company Description:
PepGen Inc is a clinical-stage biotechnology company advancing the next generation of oligonucleotide therapeutics with the goal of transforming the treatment of severe neuromuscular and neurologic diseases.
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