As previously reported, Wedbush analyst Yun Zhong downgraded Passage Bio to Neutral from Outperform with a price target of $8, down from $32. The firm cites Monday's regulatory update that a randomized controlled registrational study will be required to support PBFT02's FDA approval for the treatment of FTD-GRN. Although the ongoing Phase 1/2 upliFT-D study remains open, given that Passage Bio plans to explore all possible options to maximize shareholder value, Wedbush has conservatively removed the PBFT02 program from its valuation.
