Passage Bio (NASDAQ:PASG) shares are trading higher after Raymond James initiated coverage on the stock with an Outperform rating and announced a $29 price target.

The firm said the company’s gene therapy platform and UPenn collaboration will create significant value for investors with multiple inflection events approaching in the next 6-12 months. 

Passage Bio Inc is a genetic medicines company. The company is focused on developing transformative therapies for rare, monogenic CNS disorders.

At the time of publication, shares of Passage Bio were trading 13.2% higher at $14.99. The stock has a 52-week low of $12.10 and a 52-week high of $30.87.