PASG - Passage Bio initiated overweight at Raymond James; expects a de-risking event this year

dinn/iStock via Getty Images Passage Bio (PASG) is trading ~3.4% higher in the post-market after Raymond James started the coverage of the stock with an overweight rating and a price target of $29.00 per share to imply a premium of ~119.0% to the close. Passage Bio, described by the firm as a “high quality gene therapy company,” is unique from others, the analyst argues pointing to its potential to make use of the partnership with James Wilson, cited as a “world-renowned gene therapy pioneer.” The company’s clinical programs in GM1 gangliosidosis and Krabbe disease “are ultra-orphan indications and represent very modest commercial opportunities.” Yet they have “a more streamlined path to market,” the firm added. The analyst predicts that positive topline data expected this year for gene therapy candidate PBGM01 in GM1 gangliosidosis “will be de-risking for the broader platform.” The initial safety and 30-day biomarker data from a Phase 1/2 study

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Passage Bio initiated overweight at Raymond James; expects a de-risking event this year