In a report released yesterday, Whitney Ijem from Canaccord Genuity maintained a Buy rating on Passage Bio (PASG – Research Report), with a price target of $13.00.
Whitney Ijem’s rating is based on a comprehensive analysis of Passage Bio’s recent clinical and financial updates. The completion of dosing for the first cohort in their clinical study and the anticipation of safety and efficacy data in the second half of 2024 are pivotal milestones for the company. The sustained levels of CSF PGRN observed in patients, along with a clean safety profile post-steroid protocol adjustments, reinforce the potential of their gene therapy treatments. Moreover, the confirmation of the dosing level for the second cohort and the expected regulatory feedback for the clinical pathway in various neurodegenerative conditions further solidify the company’s clinical strategy.
Financially, Passage Bio appears well-positioned with a cash runway extending into the fourth quarter of 2025, as evidenced by their end-of-quarter financials. The lower-than-expected research and development expenses, in conjunction with prudent administrative spending, have contributed to a favorable financial outlook. Despite a minor adjustment in the price target from $14 to $13, Ijem maintains a Buy rating, reflecting confidence in the company’s clinical advancements and financial stability.
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Passage Bio (PASG) Company Description:
Passage Bio, Inc. operates as a genetic medicines company. It focuses on developing transformative therapies for rare, monogenic central nervous system disorders with limited or no approved treatment options. The company assembles a portfolio of genetic medicine products, which includes PBGM01 for the treatment of GM1, PBFT02 for the treatment of FTD and PBKR03 for the treatment of Krabbe disease. Passage Bio was founded by Stephen P. Squinto, Tadataka Yamada, David A. Socks, Aditya Kohli, and James M. Wilson in July 2017 and is headquartered in Philadelphia, PA.
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