Guggenheim Keeps Buy Rating on Passage Bio, PT Down to $10.

Guggenheim Keeps Buy Rating on Passage Bio, PT Down to $10.

Guggenheim Securities has maintained its buy rating on Passage Bio Inc. (NASDAQ: PASG), but has lowered its price target to $10, according to a recent analyst report. The downgrade reflects the firm's assessment of the company's progress and financials. This update comes after a series of positive clinical trial results and strategic moves by Passage Bio.

In the latest quarterly results, Passage Bio reported a cash position of $57.6 million, a reduction in R&D expenses to $5.8 million, and a narrowed net loss of $9.4 million compared to the previous year. These financial highlights indicate a more sustainable financial position, which may have contributed to Guggenheim's decision to maintain a buy rating.

The company's lead programs, including PBGM01 for GM1 gangliosidosis and PBFT02 for frontotemporal dementia, have shown promising clinical progress. The PBFT02 treatment demonstrated robust and durable elevation in CSF progranulin levels, with Dose 2 achieving substantial CSF PGRN elevation reaching healthy adult ranges. These advancements are significant milestones for the company's gene therapy pipeline.

Guggenheim's analyst report also notes that Passage Bio is on track for regulatory feedback on pivotal trial design in the first half of 2026. Additionally, the company has successfully completed process development for a high-productivity, suspension-based manufacturing process for PBFT02, further solidifying its position in the gene therapy market.

While Guggenheim has maintained a positive outlook on Passage Bio's prospects, the lowered price target reflects a more cautious assessment of the company's valuation. Investors should continue to monitor Passage Bio's clinical trial results and financial performance for further updates.

References:
[1] https://www.stocktitan.net/news/PASG/
[2] https://www.benzinga.com/quote/PASG/analyst-ratings