PepGen

PEPG · NASDAQ

$2.87+$0.17 (+6.30%)TodayMarket closed · Oct 20, 7:52 PM ET

Prev close $2.70

PEPG analyst rating

BuyConsensus of 5 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy5
Hold0
Underperform0
Sell0

12-month price target · 10 analysts

Average $10.39 (+262.1% upside)

Low: $2.53
Now: $2.87
High: $21.00

Upgrades and downgrades

The latest rating actions, newest first

PEPG analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
HC Wainwright & Co.	Sep 9, 2026	Maintains	Buy	$20.00	16%
Craig-Hallum	Jun 16, 2026	Initiates	Buy	$11.00	38%
Wedbush	May 13, 2026	Maintains	Outperform	$5.00 → $4.00	40%
Wedbush	Apr 1, 2026	Maintains	Outperform	$9.00 → $5.00	40%
Wedbush	Mar 31, 2026	Maintains	Outperform	$9.00 → $5.00	40%
Oppenheimer	Feb 25, 2026	Initiates	Outperform	$15.00	22%
Guggenheim	Feb 18, 2026	Maintains	Buy	$6.00 → $7.00	45%
HC Wainwright & Co.	Nov 13, 2025	Maintains	Buy	$18.00 → $20.00	16%
HC Wainwright & Co.	Oct 27, 2025	Maintains	Buy	$12.00 → $18.00	16%

The case for and against

Updated Oct 14, 2026

Bull case

PepGen is supported by a platform that appears capable of reaching diaphragm, heart, GI, and brain in NHPs, giving PGN-EDODM1 a potential advantage in multisystem neuromuscular disease where skeletal-muscle-only delivery may be insufficient. The 1Q26 update also showed cash/equivalents of $132M, with management guiding runway into 2H27, while GAAP EPS of $(0.26) beat consensus expectations. Fundamentally, the thesis is strengthened by advancing 10mg/kg enrollment, the possibility of clearing the ≥30% mean splicing bar, and the prospect that meaningful splicing correction could translate into functional benefit and differentiation despite prior concerns around vHOT and early 5mg/kg reliability.

Bear case

PepGen is a highly speculative early-stage biotech whose valuation rests on long-dated assumptions, including 2034 EPS of $4.46/share and a discounted cash flow framework that depends on successful execution across 2026-2034. The negative outlook is driven by material binary risks in PGN-EDODM1, including possible clinical failure, inability to secure US and EU approval, and the chance that peak commercial revenue falls short because of market size, penetration, or pricing. Additional downside comes from regulatory uncertainty and likely financing needs, since the company may require more external capital and could face delays or termination of development if capital markets access weakens.

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