Passage Bio, Inc. (PASG) M&A Call Prepared Remarks Transcript
The mean of analysts' price targets for Passage Bio (PASG) points to a 1415.2% upside in the stock. While this highly sought-after metric has not proven reasonably effective, strong agreement among analysts in raising earnings estimates does indicate an upside in the stock.
Passage Bio (PASG) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).
Wedbush assumed coverage of Passage Bio with an Outperform rating and price target of $4, up from $3. Market sentiment may be different from the days when an extensive gene therapy pipeline of four programs and additional options to license IND-enabling research from UPenn supported Passage's upsized IPO, but the current valuation looks to be a "deep discount" compared to the potential that PBFT02 for frontotemporal dementia can achieve, the analyst tells investors.
The heavy selling pressure might have exhausted for Passage Bio (PASG) as it is technically in oversold territory now. In addition to this technical measure, strong agreement among Wall Street analysts in revising earnings estimates higher indicates that the stock is ripe for a trend reversal.
Passage Bio (PASG) has been upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.