PBIO - Passage Bio receives Citi upgrade on recent weakness

Citi analyst Neena Bitritto upgraded Passage Bio (PBIO) to a buy rating from neutral, noting a recent pressure on shares despite a range of potential clinical updates from the company in the next 12 months.The price target of $28 per share, reflects a ~33.8% upside to the close following a ~5.7% rise during the day.Passage Bio has lost ~22.5% during the past 30-day period, and today the company held the first in a series of virtual events to highlight its R&D successes.The analyst cites PBFT02 for frontotemporal Dementia-GRN as the ‘key valuation driver’ for the company with initial data expected in late 2021 / early 2022.On the lead asset, PBGM01, which received regulatory clearance for a Phase 1/2 trial in infantile GM1 gangliosidosis (GM1), Bitritto says ‘two doses being tested could result in clinically meaningful results for patients.’The comments are based on the preclinical data demonstrated at the R&D event and the results

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Passage Bio receives Citi upgrade on recent weakness