Analyst Yun Zhong of Wedbush reiterated a Buy rating on Passage Bio, boosting the price target to $40.00.
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Yun Zhong’s rating is based on several promising developments in Passage Bio’s ongoing clinical trials and financial outlook. The company has made significant progress in its Ph1/2 study of PBFT02 for FTD-GRN, with patient dosing completed in Cohort 2 and plans to expand enrollment criteria to include prodromal patients. Despite a serious adverse event reported earlier, the safety data from subsequent patients appear positive, suggesting a favorable risk profile for the treatment.
Additionally, Passage Bio’s financial position is strong, with a cash runway extending into 1Q27, supporting continued development efforts. The recent agreement between Alector and the FDA on plasma PGRN as a co-primary endpoint is seen as beneficial for Passage Bio’s future studies. Furthermore, the company’s adjusted price target of $40 indicates substantial upside potential, reinforcing the Buy rating. The anticipated clinical updates in 1H26 are expected to provide further insights into the treatment’s efficacy and safety, potentially accelerating the pathway to approval.
According to TipRanks, Zhong is an analyst with an average return of -14.2% and a 40.72% success rate. Zhong covers the Healthcare sector, focusing on stocks such as MannKind, Rocket Pharmaceuticals, and Ascendis Pharma.
In another report released yesterday, Canaccord Genuity also maintained a Buy rating on the stock with a $67.00 price target.