Analyst Yun Zhong of Wedbush maintained a Buy rating on Passage Bio, retaining the price target of $32.00.

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Yun Zhong has given his Buy rating due to a combination of factors, including encouraging biomarker data from the ongoing upliFT-D trial in FTD-GRN and a still-manageable development path despite new regulatory hurdles. The Phase 1/2 results show robust and durable CSF PRGN expression at both tested doses, along with consistent declines in plasma NfL and vMRI evidence of slowed brain atrophy in less advanced patients, which collectively support the potential for meaningful clinical benefit.

At the same time, the company’s strengthened financial position, with projected cash runway into the first quarter of 2027, reduces near-term financing risk and provides capacity to respond to the FDA’s demand for a randomized controlled registration study. While the new trial design will require more patients, longer follow-up, and additional operational work, limited competition for FTD patients following program exits by other sponsors could facilitate enrollment and preserve Passage Bio’s strategic positioning in this indication.

In another report released today, Canaccord Genuity also maintained a Buy rating on the stock with a $23.00 price target.