Sofinnova Investments Inc. Raises Stake in PepGen Inc. (NASDAQ:PEPG)

Sofinnova Investments Inc. grew its holdings in PepGen Inc. (NASDAQ:PEPG) by 11.4% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 561,128 shares of the company’s stock after buying an additional 57,504 shares during the period. Sofinnova Investments Inc. owned 1.73% of PepGen worth $8,956,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in PEPG. Acadian Asset Management LLC acquired a new position in PepGen in the 1st quarter valued at $30,000. Renaissance Technologies LLC purchased a new stake in shares of PepGen in the second quarter valued at about $192,000. Rhumbline Advisers increased its stake in shares of PepGen by 36.1% during the second quarter. Rhumbline Advisers now owns 18,853 shares of the company’s stock worth $301,000 after acquiring an additional 5,002 shares during the period. American Century Companies Inc. raised its holdings in PepGen by 19.9% during the second quarter. American Century Companies Inc. now owns 20,028 shares of the company’s stock worth $320,000 after purchasing an additional 3,326 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in PepGen by 43.6% in the second quarter. Bank of New York Mellon Corp now owns 44,157 shares of the company’s stock valued at $705,000 after purchasing an additional 13,397 shares during the period. Institutional investors and hedge funds own 58.01% of the company’s stock.

Insider Buying and Selling at PepGen

In other news, insider Michelle L. Mellion sold 12,625 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $18.20, for a total value of $229,775.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders have sold 38,682 shares of company stock worth $701,149. Corporate insiders own 4.60% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on PEPG. Bank of America cut PepGen from a “buy” rating to a “neutral” rating and set a $12.00 target price on the stock. in a research report on Wednesday, July 31st. Wedbush reaffirmed an “outperform” rating and set a $20.00 price objective on shares of PepGen in a report on Wednesday, July 31st. Finally, HC Wainwright reissued a “buy” rating and issued a $26.00 target price on shares of PepGen in a report on Thursday, August 1st.

PepGen Stock Down 3.8 %

Shares of PEPG stock opened at $9.12 on Tuesday. The stock has a market cap of $297.22 million, a P/E ratio of -2.81 and a beta of 1.70. PepGen Inc. has a fifty-two week low of $3.72 and a fifty-two week high of $19.30. The business has a fifty day simple moving average of $11.86 and a 200-day simple moving average of $13.63.

PepGen (NASDAQ:PEPG) last announced its earnings results on Thursday, August 8th. The company reported ($0.87) EPS for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.15). On average, sell-side analysts anticipate that PepGen Inc. will post -3.16 earnings per share for the current year.

PepGen Company Profile

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.