Short Interest in PepGen Inc. (NASDAQ:PEPG) Grows By 16.2%

PepGen Inc. (NASDAQ:PEPG) saw a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 939,900 shares, an increase of 16.2% from the August 15th total of 808,900 shares. Based on an average daily volume of 169,700 shares, the days-to-cover ratio is presently 5.5 days. Currently, 3.7% of the shares of the company are short sold.

Analyst Ratings Changes

A number of equities analysts recently issued reports on PEPG shares. HC Wainwright reissued a “buy” rating and set a $26.00 price target on shares of PepGen in a report on Thursday, August 1st. Bank of America downgraded shares of PepGen from a “buy” rating to a “neutral” rating and set a $12.00 price target for the company. in a research report on Wednesday, July 31st. Finally, Wedbush reiterated an “outperform” rating and set a $20.00 price target on shares of PepGen in a research report on Wednesday, July 31st.

PepGen Stock Down 1.5 %

Shares of PEPG traded down $0.14 during mid-day trading on Tuesday, reaching $8.98. 5,993 shares of the company’s stock were exchanged, compared to its average volume of 126,199. The company has a 50-day simple moving average of $11.86 and a two-hundred day simple moving average of $13.63. PepGen has a 52-week low of $3.72 and a 52-week high of $19.30. The company has a market cap of $292.66 million, a price-to-earnings ratio of -2.81 and a beta of 1.70.

PepGen (NASDAQ:PEPG) last released its earnings results on Thursday, August 8th. The company reported ($0.87) EPS for the quarter, missing the consensus estimate of ($0.72) by ($0.15). As a group, equities research analysts predict that PepGen will post -3.16 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Michelle L. Mellion sold 5,901 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $18.00, for a total transaction of $106,218.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Over the last 90 days, insiders have sold 38,682 shares of company stock valued at $701,149. 4.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PepGen

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Acadian Asset Management LLC acquired a new position in shares of PepGen during the 1st quarter valued at $30,000. Point72 DIFC Ltd acquired a new position in PepGen in the 2nd quarter worth $42,000. American Century Companies Inc. lifted its holdings in PepGen by 19.9% in the 2nd quarter. American Century Companies Inc. now owns 20,028 shares of the company’s stock worth $320,000 after buying an additional 3,326 shares in the last quarter. Rhumbline Advisers lifted its holdings in PepGen by 36.1% in the 2nd quarter. Rhumbline Advisers now owns 18,853 shares of the company’s stock worth $301,000 after buying an additional 5,002 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in PepGen in the 2nd quarter worth $192,000. Institutional investors and hedge funds own 58.01% of the company’s stock.

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.