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On Tuesday, Chardan Capital Markets adjusted its price target for Passage Bio Inc . (NASDAQ:PASG) shares, bringing it down to $6.00 from the previous $7.00 while still maintaining a Buy rating on the stock. The adjustment comes as the stock has declined over 70% in the past year, with current trading at $0.43. According to InvestingPro analysis, the stock appears undervalued at current levels, with analyst targets ranging from $4 to $13. The decision followed the company’s disclosure of its fourth quarter and full-year 2024 financial results, which included details on the progress of its phase I/II upliFT-D trial for PBFT02, a gene therapy for frontotemporal dementia with GRN mutations (FTD-GRN).
Passage Bio reported that it ended the fiscal year with $76.8 million in cash, cash equivalents, and marketable securities, a decrease from $84.8 million at the end of the third quarter of 2024. InvestingPro data shows the company maintains a strong current ratio of 5.15, with liquid assets exceeding short-term obligations, though it’s quickly burning through cash with negative free cash flow of $59 million in the last twelve months. Additionally, the company made an announcement in January regarding its operational changes. Passage Bio has completed the development and scale-up of a suspension-based process and plans to outsource analytical testing, which was previously conducted in-house. These strategic moves are accompanied by a workforce reduction of approximately 55%.
The company’s strategic changes are anticipated to extend its financial runway into the first quarter of 2027. The analyst from Chardan Capital Markets noted that the updated financial model, which incorporates the results from the fourth quarter and the full year of 2024, informed the new price target of $6.00. For deeper insights into Passage Bio’s financial health and additional analyst recommendations, investors can access over 10 exclusive ProTips and comprehensive financial metrics through InvestingPro.
Passage Bio also highlighted upcoming catalysts for investors, mentioning that updated data from the upliFT-D trial is expected to be released in the second half of 2025. The trial is a key focal point for the company as it advances its lead AAV-based gene therapy for treating FTD-GRN.
In other recent news, Passage Bio, Inc. has transitioned its stock listing from The Nasdaq Global Select Market to The Nasdaq Capital Market. This strategic move aims to maintain the company’s listing status after its share price fell below the $1.00 minimum bid price for over 30 consecutive business days. The transition was approved by the Nasdaq Listing Qualifications department, allowing Passage Bio to continue trading under the same ticker without interruption. Passage Bio now has an additional 180 days, until July 28, 2025, to meet the minimum bid price requirement. During this period, the company’s closing bid price must reach or exceed $1.00 per share for at least 10 consecutive business days. The company has indicated it may consider a reverse stock split, among other options, to address this issue. Passage Bio’s management is actively monitoring the situation and exploring all possible avenues to ensure compliance with Nasdaq’s listing requirements. This development follows an initial notification from Nasdaq regarding the company’s non-compliance due to its stock price.
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