BofA lowered the firm’s price target on PepGen (PEPG) to $1 from $3 and keeps an Underperform rating on the shares after the company announced it will be discontinuing development of Duchenne muscular dystrophy programs following “disappointing” 10mg/kg data for PGN-EDO51. PepGen will now focus developmental efforts on its DM1 program, which the firm thinks “still needs significant de-risking,” the analyst tells investors. The firm updated its model for Q1 results, cash and share count and removed value for DMD from its model based on the discontinuation.

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• PepGen to discontinue DMD programs after PGN-EDO51 did not achieve target

• PepGen price target lowered to $8 from $14 at H.C. Wainwright

• PepGen Inc.’s Strategic Shift Amidst DMD Program Discontinuation and Competitive Challenges

• PepGen Inc. Discontinues DMD Programs After Trial Results

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