Passage Bio price target lowered to $15 from $30 at Oppenheimer

Oppenheimer lowered the firm’s price target on Passage Bio (PASG) to $15 from $30 and keeps an Outperform rating on the shares after the company released upliFT-D data alongside FDA feedback. This update was mixed. The firm believes the clinical dataset actually supports continued exploration of PFBT02, especially in milder patients, given brain atrophy slowing and NfL reduction for those patients with CDR+NACC FTLD of 1. But FDA feedback dismisses expectations for a single-arm pivotal study, leading Passage Bio to evaluate external avenues for funding and trial execution given added operational/financial burden of a registrational RCT.