Wedbush raised its price target on PepGen to $9 from $7 and kept an ‘Outperform’ rating on the shares, while H.C. Wainwright hiked its price target on the stock to $12 from $8.
Shares of PepGen (PEPG) more than doubled on Thursday morning after multiple analysts raised their price targets on the stock following the release of positive clinical data from an early-stage study in patients with myotonic dystrophy type 1.
Wedbush raised its price target on PepGen to $9 from $7 and kept an ‘Outperform’ rating on the shares, while H.C. Wainwright hiked its price target on the stock to $12 from $8.
Myotonic dystrophy type 1 (DM1) is a progressive disorder that primarily affects skeletal, cardiac, and smooth muscle. It is estimated to affect about 40,000 patients in the U.S.
The company announced on Wednesday that a 53.7% mean splicing correction was observed in DM1 patients following a single 15 mg/kg dose of its PGN-EDODM1, which is higher than any previously reported splicing correction in DM1 patients. The investigational candidate is designed to restore the normal splicing function of MBNL1, a key RNA splicing protein.
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