Analyst Whitney Ijem of Canaccord Genuity maintained a Buy rating on Passage Bio (PASG – Research Report), retaining the price target of $13.00.
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Whitney Ijem has given his Buy rating due to a combination of factors surrounding Passage Bio’s recent developments in their clinical trials. The company has shared promising interim data from their Phase 1/2 upliFT-D study, which shows encouraging efficacy results. Specifically, Patient 8 demonstrated a significant increase in cerebrospinal fluid progranulin levels, reaching near the upper range of healthy adults, which suggests potential effectiveness of the treatment.
Despite the emergence of a serious adverse event (SAE) involving pulmonary embolism in Patient 8, the company has taken proactive measures to address safety concerns. They plan to amend the study protocol to include preventive anticoagulation and adjust inclusion criteria to involve patients earlier in their disease progression. The agreement from the IDMC and FDA to continue dosing with additional safety monitoring reflects confidence in the trial’s potential. These factors, combined with the company’s strategic plans for future trial phases, underpin the Buy rating.
In another report released today, Chardan Capital also maintained a Buy rating on the stock with a $6.00 price target.
PASG’s price has also changed dramatically for the past six months – from $0.648 to $0.334, which is a -48.46% drop .