Passage Bio downgraded to Neutral from Buy at Lucid Capital

Lucid Capital analyst Elemer Piros downgraded Passage Bio (PASG) to Neutral from Buy with a price target of $9, down from $68, after the company reported updated data from the ongoing Phase 1/2 upliFT-D clinical trial of PBFT02 for the treatment of frontotemporal dementia with granulin mutations and the the company shared feedback from a recent Type C meeting with the FDA on the likely registrational pathway for PBFT02 in FTD-GRN. While the interim data showed “encouraging signals across brain imaging, biomarkers, and safety,” the firm is downgrading the stock due to the uncertainty whether the company will have the financial resources to underwrite the pivotal study the FDA indicated would be required for approval in this indication.