U.S. stocks edge higher; solid earnings season continues
PepGen Inc. (NASDAQ:PEPG), a clinical-stage biotechnology company currently valued at $46.46 million, held its 2025 Annual Meeting of Stockholders on Wednesday. The company, which has seen its stock decline by 91.8% over the past year to $1.42, maintains a relatively strong balance sheet with more cash than debt. According to InvestingPro analysis, while the company’s overall financial health score is weak, it maintains sufficient liquid assets to meet short-term obligations. The meeting, which took place on June 4, 2025, involved voting on several key proposals, as outlined in the company’s definitive proxy statement filed with the Securities and Exchange Commission on April 25, 2025. These decisions come as investors await the company’s next earnings report, scheduled for August 7, 2025. For deeper insights into PepGen’s financial metrics and additional analysis, consider exploring InvestingPro, which offers 8 more key insights about the company’s performance and outlook.
At the meeting, stockholders elected three Class III directors to the board. The directors elected to serve until the 2028 annual meeting are Mitchell H. Finer, Ph.D., Heidi Henson, and Laurie B. Keating, J.D. Dr. Finer received 27,224,040 votes in favor and 119,403 withheld. Ms. Henson garnered 27,219,131 votes in favor and 124,312 withheld. Ms. Keating received 22,160,152 votes in favor and 5,183,291 withheld. There were 2,082,233 broker non-votes for each director.
Additionally, stockholders ratified the appointment of KPMG LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. The ratification received 29,423,817 votes in favor, 1,821 against, and 38 abstentions, with no broker non-votes.
A quorum was present at the meeting, with 29,425,676 shares of common stock represented, out of the 32,720,943 shares entitled to vote.
This information is based on a press release statement from the company’s recent SEC filing.
In other recent news, PepGen Inc. announced the discontinuation of its PGN-EDO51 program due to insufficient dystrophin expression, leading H.C. Wainwright to lower the company’s stock price target to $8 while maintaining a Buy rating. Despite this setback, early data from PepGen’s DM1 program shows promise, with significant splicing correction observed, potentially enhancing muscle strength. The company also appointed Dr. Kasra Kasraian as its new Chief Technology Officer, aiming to advance its clinical programs with his extensive experience in product and process development. Additionally, H.C. Wainwright had previously adjusted PepGen’s stock price target to $14 from $16, reflecting changes in the CONNECT1 study protocol, which are expected to yield more robust data. The adjustments include extending the biopsy window and expanding the age range of trial participants, potentially improving the trial’s efficacy profile. In another development, PepGen’s Chief Medical (TASE:BLWV) Officer, Dr. Michelle L. Mellion, resigned, effective April 4, with no disagreements cited with the company. This executive change was reported in an SEC filing, and PepGen has not yet announced a successor for Dr. Mellion. Investors are closely monitoring these developments as PepGen continues to navigate its strategic and operational plans.
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