PepGen Inc. ( 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 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 ( PEPG ) 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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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.