Passage Bio shares surge 21.20% after-hours following Baird and Oppenheimer initiating outperform ratings with $30 price targets.

Passage Bio surged 21.20% in after-hours trading following coverage initiations from Baird and Oppenheimer, both of which set an outperform rating with a $30 price target. The analysts cited the stock’s 48% year-to-date decline as an overreaction to competitor setbacks in the progranulin class and regulatory concerns from an FDA-related issue. Both firms highlighted the potential of Passage Bio’s lead asset, PBFT02, in frontotemporal dementia, noting the market’s underappreciation of its differentiators and the potential for strong clinical data in 2026. The positive analyst momentum appears to have driven the sharp after-hours rebound.