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PepGen (PEPG), which held a $108M initial public offering earlier this month, saw its stock plunge 19% Monday afternoon.
The biotech group’s stock opened at $11.27, jumping to a high of $12 in early trading before sliding to a low of $7.82 in early afternoon. Shares most recently changed hands at $9.15, down 19%, at approximately 1:00 p.m. ET.
The company’s lead product, a treatment for Duchenne muscular dystrophy, is currently in Phase 1 testing, according to PepGen's website.
PepGen went public on May 6, with shares climbing 7% to close at $12.89. The company priced 9M shares at $12 per share, raising $108M.
The deal was slightly upsized from earlier the week, when PepGen said it expected to offer 7.2M shares priced at $13 to $15.