PepGen Phase 2 DM1 Trial Shows 46.5% Splicing Correction, Stock More Than Doubles

PepGen Inc. reported positive Phase 2 FREEDOM2-DM1 results for its drug PGN-EDODM1 in myotonic dystrophy type 1, sending shares up more than 100% in a single session. The 10 mg/kg cohort achieved a 46.5% mean splicing resolution at Week 13, compared to 6.8% in the placebo group, a result the company described as the highest reported splicing correction in the disease. The treatment was generally well tolerated, with no serious adverse events or dose-limiting toxicities, though minor renal findings were observed.

Trading volume surged to 31.855 million shares on November 10, against an average daily volume of approximately 983,000, reflecting the scale of investor reaction. Wedbush raised its price target on PepGen to $10 following the data release, and Bank of America also issued positive commentary on the stock. The company holds approximately $105 million in cash, providing a runway into 2028, though analysts have flagged the question of whether a capital raise may follow given the stock's move. Results from the higher 12.5 mg/kg cohort are expected in the first half of 2027.