Passage Bio: Steady Progress and Financial Stability Reinforce Buy Rating with $13 Target

Whitney Ijem, an analyst from Canaccord Genuity, maintained the Buy rating on Passage Bio (PASG – Research Report). The associated price target remains the same with $13.00.

Whitney Ijem has given his Buy rating due to a combination of factors including the company’s steady progress and financial stability. Passage Bio’s recent quarterly report was uneventful, indicating that the company is on track with its timelines, which is a positive sign for investors.
Furthermore, the company has made advancements in its manufacturing process, with a high productivity method that promises significant yield and purity. Additionally, Passage Bio’s financial position appears stable with a substantial cash reserve, which is expected to support its operations into the future. These factors contribute to the reaffirmation of the Buy rating with a price target of $13.

In another report released yesterday, Wedbush also reiterated a Buy rating on the stock with a $3.00 price target.

PASG’s price has also changed dramatically for the past six months – from $0.582 to $0.295, which is a -49.31% drop .