PepGen price target lowered to $6 from $10 at BofA

BofA lowered the firm’s price target on PepGen (PEPG) to $6 from $10 and keeps a Neutral rating on the shares after the company announced several changes to the eligibility criteria for the 10mg/kg dose cohort in its Phase 2 trial evaluating PGN-EDO51 in Duchenne muscular dystrophy, or DMD, patients amenable to exon 51 skipping. While the firm agrees with the trial design changes, it continues to hold a conservative view on the program and lowers its target for the delayed timelines as it looks for clarity on the company’s competitive positioning in the exon skipping space, the analyst tells investors.