Intel stock spikes after report of possible US government stake
Investing.com - Guggenheim maintained its Buy rating on Passage Bio Inc. (NASDAQ:PASG) while significantly reducing its price target to $10.00 from $40.00 on Thursday. According to InvestingPro analysis, the stock appears undervalued at its current price of $6.38, despite showing a strong 13.7% return over the past week.
The firm’s revised valuation follows interim data from Passage Bio’s upliFT-D trial, which showed sustained mean CSF PGRN increases of 12.4-25.9 ng/mL through 18 months for Dose 1, and plasma NfL measurements of +4% versus +28-29% for natural history patients.
Passage Bio’s Dose 2 testing, administered at half the concentration of Dose 1, showed one-month PGRN levels approaching the upper limit of normal for healthy individuals, but resulted in a pulmonary embolism, prompting the implementation of prophylactic anticoagulation in future trials.
Guggenheim noted that long-term durability for Dose 2 remains unknown, citing precedent from Eli Lilly’s AAV9-based PR007 therapy that showed potential downward trends after reaching peak PGRN means of approximately 10 ng/mL.
The firm highlighted Passage Bio’s cash runway extending into the first quarter of 2027 (approximately $58 million) and identified the first half of 2026 regulatory data and updates as key indicators for PBFT02’s probability of success, with the price target adjustment also reflecting the company’s recent 1-for-20 reverse stock split. The company maintains a healthy current ratio of 3.05, with liquid assets exceeding short-term obligations, though InvestingPro data indicates the company is quickly burning through its cash reserves.
In other recent news, Passage Bio Inc . reported updated interim data from its Phase 1/2 upliFT-D clinical trial for PBFT02, a gene therapy aimed at treating frontotemporal dementia with granulin mutations. The data indicated that patients receiving the higher dose maintained elevated cerebrospinal fluid progranulin levels for 18 months, and the first patient on a lower dose showed significant increases at one month. In a move to address Nasdaq’s minimum bid price requirements, Passage Bio’s Board of Directors approved a 1-for-20 reverse stock split, effective July 14, 2025. This action aims to regain compliance with the minimum bid price of $1.00 per share. Canaccord Genuity adjusted its price target for Passage Bio to $67 from $260, maintaining a Buy rating despite describing the company’s second-quarter report as "uneventful." The adjustment followed an earlier-than-expected data update due to a serious adverse event in a clinical trial. Passage Bio’s recent activities highlight ongoing efforts to advance its clinical programs while addressing stock market requirements.
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