** Shares of gene therapy developer Passage Bio PASG.O rise ~16% to 77 cents before the bell
** Wedbush assumes coverage of PASG with "outperform" rating, says it is optimistic about success of co's experimental gene therapy, PBFT02, which is being developed as treatment for frontotemporal dementia
** Brokerage says robust and durable protein expression bodes well for clinical benefit of PBFT02, as seen in early stage data
** Expects longer-term data from more patients, due in H1 2025, to show sustained protein expression that will support therapy's potential efficacy
** Wedbush gives price target of $4 for PASG's stock, says PBFT-02's strong data should be supportive of FDA's accelerated approval pathway
** All five brokerages covering stock rate it "buy" or higher; their median PT is $5.50
** As of last close, PASG stock down ~34% this year
(Reporting by Bhanvi Satija in Bengaluru)
((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91 9873062788;))
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