UPDATE: Goldman Sachs Downgrades Passage Bio Inc. (PASG) to Neutral

(updating comment)

Goldman Sachs analyst Salveen Richter downgraded Passage Bio Inc. (NASDAQ: PASG) from Buy to Neutral with a price target of $28.00.

The analyst comments "Fundamentally, we remain positive on PASG’s gene therapy technology and collaboration with the University of Pennsylvania (UPenn) and Dr. James Wilson that serves to mitigate early and clinical development risk, and look to the next 12-months for execution on pipeline progression and clinical trial timelines — including the first IND submission for Ph1/2 gene therapy PBGM01 in infantile GM1 gangliosidosis (GM1) in 2Q20 (study to initiate in 4Q20), followed by PBKR03 in Krabbe disease and PBFT02 in frontotemporal dementia (FTD, caused by progranulin deficiency) in 2H20 — first clinical data (from GM1) in late-1H21. Given the rare and ultra-rare disease indications (see within), and noting that enrollment has been paused in a PASG-sponsored natural history study for GM1 due to COVID-19, we view operational execution as key in the near-term."

For an analyst ratings summary and ratings history on Passage Bio Inc. click here. For more ratings news on Passage Bio Inc. click here.

Shares of Passage Bio Inc. closed at $33.70 yesterday.

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