PepGen's Duchenne Candidate Has Potential For Greater Exon Skipping Capabilities At Lower Doses Versus Sarepta's Candidate, Says Analyst

  • PepGen Inc PEPG reported data from PGN-EDO51's SAD study in adult healthy volunteers that suggest best-in-class exon skipping capabilities.
  • SVB notes that PGN-EDO51's safety profile was generally well-tolerated. However, the 15mg/kg dose saw mild hypomagnesemia and an SAE of transient kidney biomarker changes, both events commonly linked to the peptide conjugates that aid oligo delivery.
  • It reiterates its Outperform rating with a price target of $6.
  • On the other hand, the analyst views the muscle concentration and exon skipping data from bicep muscle biopsies as highly encouraging and supportive of PGN-EDO51's best-in-class potential.
  • SVB says the mean exon skipping observed at 10mg/kg and 15mg/kg easily clears the bar set by Sarepta Therapeutics Inc SRPT SRP-5051 healthy volunteers' exon skipping data of <0.2% at a higher 20mg/kg dose. 
  • SRP-5051 easily beats the low bar set by Exondys 51, with mean exon skipping of ~11% and mean dystrophin expression of ~6.5% seen at the 30mg/kg dose in the Phase 2 MOMENTUM Part A results. 
  • Sarepta's results suggest that SRP-5051 drove approx. 13x greater exon skipping in patients vs. what was seen in healthy volunteers.
  • Applying the same with PGN-EDO51, 10mg/kg could achieve ~18% exon skipping, and 15mg/kg could achieve ~26% exon skipping, using a rough analysis. 
  • This would suggest that the 10-15mg/kg doses of PGN-EDO51 have the potential for enhanced exon skipping and dystrophin production capabilities relative to the 30mg/kg dose of SRP-5051.
  • Price Action: PEPG shares are up 77.40% at $9.23 on the last check Wednesday.
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