PepGen Inc. (NASDAQ:PEPG) shares surged 119.55% to $5.84 during after-hours trading on Wednesday following the clinical-stage company’s announcement of an underwritten public offering.
Check out the current price of PEPG stock here.
Public Offering Details Drive Market Response
The Cambridge, Massachusetts-based biotech has announced the launch of an underwritten public offering of common stock and pre-funded warrants. Leerink Partners and Stifel (NYSE:SF) are acting as joint book-running managers for the offering, with the underwriters being granted a 30-day option to buy more shares.
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The offering operates under a Form S-3 registration statement declared effective by the Securities and Exchange Commission (SEC) on July 8, 2024.
Clinical Trial Funding Fuels Investor Interest
PepGen plans to use the net proceeds from the offering to support its ongoing research and clinical development, particularly the FREEDOM-DM1 and FREEDOM2-DM1 trials focused on neuromuscular diseases. Additionally, the company intends to allocate funds for working capital and general corporate purposes.
Market Performance Context
PepGen’s dramatic after-hours movement comes despite a challenging year, with PEPG down 69.11% over 12 months. The company maintains a market capitalization of $87.25 million with an average daily volume of 572,850 shares. Trading ranges from a 52-week low of $0.89 to a high of $9.94.
Price Action: According to Benzinga Pro data, PEPG closed regular trading at $2.66, up 36.41% for the day.
Benzinga’s Edge Stock Rankings indicate that PEPG is experiencing long-term consolidation, accompanied by medium- and short-term upward movement. Know how its momentum lines up with other well-known names.
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