Newly public PepGen sees inventory plunge 19%

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PepGen (PEPG), which held a $108M preliminary public providing previous this month, noticed its inventory plunge 19% Monday afternoon.

The biotech crew’s inventory opened at $11.27, leaping to a top of $12 in early buying and selling prior to sliding to a low of $7.82 in early afternoon. Shares maximum not too long ago modified arms at $9.15, down 19%, at roughly 1:00 pm ET.

The corporate’s lead product, a remedy for Duchenne muscular dystrophy, is recently in Phase 1 trying out, consistent with PepGen’s web page.

PepGen went public on May 6, with stocks mountaineering 7% to near at $12.89. The corporate priced 9M stocks at $12 consistent with proportion, elevating $108M.

The deal was once rather upsized from previous the week, when PepGen mentioned it anticipated to supply 7.2M shares priced at $13 to $15,

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