Passage Bio gains as Wedbush assumes coverage with 'outperform' rating
29/11/2024 13:52
** Shares of gene therapy developer Passage Bio PASG.O
rise ~16% to 77 cents before the bell
** Wedbush assumes coverage of PASG with "outperform"
rating, says it is optimistic about success of co's experimental
gene therapy, PBFT02, which is being developed as treatment for
frontotemporal dementia
** Brokerage says robust and durable protein expression
bodes well for clinical benefit of PBFT02, as seen in early
stage data
** Expects longer-term data from more patients, due in H1
2025, to show sustained protein expression that will support
therapy's potential efficacy
** Wedbush gives price target of $4 for PASG's stock, says
PBFT-02's strong data should be supportive of FDA's accelerated
approval pathway
** All five brokerages covering stock rate it "buy" or
higher; their median PT is $5.50
** As of last close, PASG stock down ~34% this year
(Reporting by Bhanvi Satija in Bengaluru)
((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))