11:46 AM EDT, 04/21/2026 (MT Newswires) -- Passage Bio ( PASG ) is "undervalued" given PBFT02's distinct profile, with the US Food and Drug Administration's feedback extending the path to approval, Oppenheimer said in a note Tuesday.

The analysts said the company on Monday released data from its upliFT-D study along with feedback from the FDA. The update was mixed. On the positive side, the clinical data suggests PFBT02 may still be worth pursuing, especially in patients with milder disease. However, the FDA's feedback was a setback. It indicated that a single-arm pivotal study would not be sufficient for approval.

The analysts said they see the promise of the progranulin target in certain neurodegenerative diseases. Although other programs in this area have struggled to show clear benefits in frontotemporal dementia, or FTD, PBFT02 stands out due to its mechanism, administration, and the data seen so far. As a one-time, non-surgical treatment, it could offer a strong commercial advantage if approved.

"We view Passage Bio ( PASG ) as undervalued given PBFT02's relative profile versus others in the pipeline for FTD, which remains highly underserved," the analysts added.

Oppenheimer adjusted its price target on Passage Bio ( PASG ) from $30 to $15 while maintaining its outperform rating.

Price: 5.96, Change: -0.30, Percent Change: -4.72