PepGen Inc. (PEPG) PT Raised to $18 at H.C. Wainwright

H.C. Wainwright analyst Andrew S. Fein raised the price target on PepGen Inc. (NASDAQ: PEPG) to $18.00 (from $12.00) while maintaining a Buy rating.

The analyst commented: "We believe Novartis’ acquisition of Avidity has reshaped sentiment across the neuromuscular oligonucleotide space. Dyne’s surge yesterday, shows that its valuation now more fully reflects the breadth of its pipeline and regulatory momentum. By contrast, PepGen’s recent move still leaves it at a steep discount despite delivering best-in-class DM1 data, with robust splicing correction at the top dose and a favorable safety profile. With efficacy already de-risked and upcoming multi-dose data expected to demonstrate functional benefit, we view PepGen as the hidden gem in the field, undervalued today, yet strategically positioned for both a fundamental re-rating and potential M&A. Accordingly, given sector-wide validation from the Avidity deal, PepGen’s strong efficacy and tolerable safety profile to date, we have revisited our assumptions on probability of success and discount rate, which supports an increase in our price target from $12 to $18."

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