- Notably, the PEPG stock had opened at US$ 15.6 per share, a day after announcing the IPO terms.
- During the trading session, the PepGen stock reportedly rose to as much as US$ 16.9 apiece.
- PepGen is a biotechnology company involved in developing innovative therapies to treat complex neurological and neuromuscular disorders.
The stocks of PepGen, Inc. (NASDAQ:PEPG) debuted in the market on Friday, May 6, amid a stock market crisis. Since the beginning of 2022, the markets have remained extremely volatile, and the latest move of hiking interest rates in the United States could further impact the equities markets.
The IPO market has remained weak, and its impact was seen on the PEPG stock as it opened at a higher price. However, it later declined to the IPO price during the same trading session.
It appears that the investors continue to remain sceptical, and despite a strong start, the PEPG failed to generate more momentum and declined to the price of US$ 12.89 per share at the end of the trading session.
Notably, the PEPG stock had opened at US$ 15.6 per share, a day after announcing the IPO terms in which the price range of the shares was kept between US$ 13 to US$ 15 apiece. Later, the company said before the IPO that it would sell 9 million shares for US$ 12 apiece.
During the trading session, the PEPG stock reportedly rose to as much as US$ 16.9 apiece. However, the stock lost its momentum and declined rapidly to fall back to the IPO price.
PepGen IPO: Here's what we know
PepGen is a biotechnology company involved in developing innovative therapies to treat complex neurological and neuromuscular disorders.
The biotech company has reportedly gone public to fund trials for the Duchenne Muscular Dystrophy (DMD) market. PepGen is looking to develop therapies for the above-mentioned genetic disorder responsible for progressive muscle degeneration.
Wedbush PacGrow led the IPO as the leading underwriter for the offering, and the joint underwriters were SVB Securities and BofA Securities, among others.
In the prospectus filed with the Securities and Exchange Commission (SEC), PepGen said it is currently in clinical-stage development of a product for DMD treatment. It could submit the dataset to Health Canada for review.
PepGen's cash and cash equivalents increased to US$ 132.89 million in 2021. Notably, this reflected an increase from US$ 9.77 million in 2020. The net loss of the company has expanded to around US$ 27.3 million from US$ 1.9 million in the same comparable period.
As markets remain volatile, investors should stay alert and cautious. Before investing, it is essential to do research and analyse the stock they are willing to purchase.
Please note, the above content constitutes a very preliminary observation or view based on market trends and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.