PepGen Inc. (PEPG) PT Raised to $7 at Guggenheim

Guggenheim analyst Debjit Chattopadhyay raised the price target on PepGen Inc. (NASDAQ: PEPG) to $7.00 (from $6.00) while maintaining a Buy rating.

The analyst commented: "We anticipate data from the FREEDOM2 5 mg/kg MAD cohort in March. Our Base case scenario assumes SI correction in the high teens and 2 sec+ improvement in vHOT, which could drive the stock higher by 50% to 70% from current levels, by our estimates. In our Best case scenario, i.e., SI change approaching mid-20% complemented by a clean safety profile and 2.5 sec+ improvement in vHOT, PEPG could claim the BiC mantle. If the Best case materializes, we think the stock could trade higher by 70% to 100% from current levels, with a therapeutic window to improve upon the competitions' art. The Best case remains a possibility as our analysis suggests the 5 mg/kg cohort may mimic the single 10 mg/kg dose given the ~2× accumulation of drug in muscle and the likely absence of receptor-mediated saturation. Based on our analysis of the FREEDOM2 outlook, we are increasing our PT to $7/share (prior $6/share)."

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