With Enrollment Wrapped In 10mg/kg PGN-EDODM1 Cohort, Awaiting Data

Research evidence excerpt

With Enrollment Wrapped In 10mg/kg PGN-EDODM1 Cohort, Awaiting Data

Company Report

May 13, 2026 PepGen Inc. (PEPG)

Rating: With Enrollment Wrapped In 10mg/kg PGN-EDODM1 Cohort,OUTPERFORM Awaiting DataPrice:

$1.68

12-Month Price Target: The Wedbush View

$4.00 (from $5.00)

Remain Outperform rated on PEPG, new $4 target. Most important in the 1Q26

Analysts update from PEPG, the company completed recruitment in the 10mg/kg multi-dose

Laura Chico, Ph.D. cohort in the FREEDOM2 study of PGN-EDODM1. This keeps data readout timing

(212) 668-9868 intact for 2H26. Recall, the earlier 5mg/kg PGN-EDODM1 multi-dose readout raisedLaura.Chico@wedbush.com some questions after splicing data demonstrated variability. We were encouragedThomas Yip

(707) 521-2281 drug concentrations increased over time, but may need to see additional signals

thomas.yip@wedbush.com from functional assessments. We are maintaining our PGN-EDODM1 estimates but

after adjusting share count, our target drops to $4 (from $5).

● Continuing to push forward on PGN-EDODM1 [1Q26 highlights]. PEPGCompany Information

Market Cap (M) $116 reported 1Q26 financial results which included GAAP EPS of $(0.26). This

Enterprise Value (M) $(32) compared to consensus $(0.31), WS $(0.27). PEPG also reported cash/

Shares Outst (M) 69.2 equivalents of $132M exiting the 1Q26 period. Management anticipates this

52-Week Range $1.01 - $7.80 provides runway into 2H27 (no change to guidance). Most important for PEPG,Tangible Book Value/sh $2.14

Yield 0.00% the PGN-EDODM1 clinical efforts continue to advance as the 10mg/kg dosing

cohort completed enrollment.

REV (M) in $ ● PGN-EDODM1 progress. With the FREEDOM2 10mg/kg cohort enrollment