Lucid Capital Markets Starts Passage Bio Inc. (PASG) at Buy, PT $68

Lucid Capital Markets analyst Elemer Piros initiates coverage on Passage Bio Inc. (NASDAQ: PASG) with a Buy rating and a price target of $68.00.

The analyst comments "nitiating coverage of Passage Bio (PASG) with a Buy rating and a $68/share 12-month price target. Passage Bio is at the forefront of treating dementia with one-time gene therapies. Our Buy thesis on the shares of Passage Bio is based on the following: Devastating, With High Prevalence: Frontotemporal dementia (FTD) is the most common form of cognitive decline in individuals under 65 and the third most common type of dementia across all age groups, following Alzheimer's disease and Lewy body dementia[1]. The devastating clinical symptoms include loss of speech and behavioral changes, such as loss of inhibition, social withdrawal, apathy and compulsive behaviors. One-Time Treatment: Passage Bio developed a one-time gene therapy treatment (PBFT02) to correct certain genetic defects that lead to FTD. One of those defects, mutations in the genetic code for the protein progranulin (PGRN) lead to neuronal dysfunction, pathological changes and inflammation. In a Phase 1/2 clinical trial it was shown that in FTD patients the deficient PGRN levels can be corrected to reach sustained (up to six months) supra physiological levels in the cerebrospinal fluid."

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 $7.74 yesterday.

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