Yes. It would be a difficult road though, as there is essentially only one path, though two methods to travel it.
The key is that they cannot ignore the results of the referendum, and they cannot hold a second referendum without something significant changing.
So in order to reverse course, they have to have a second referendum, and in order for that to happen some significant change has to occur that would mean things have changed enough to indicate that the first referendum is no longer representative of the changed will of the people due to the new circumstances.
There are two things that could be considered a big enough change that would permit a second referendum:
General election with significantly different results
The first would be for a general election to take place, and it would have to happen soon. This would require a motion to pass in the House of Commons with a two-thirds majority – rather a long shot, considering that more than half* of MPs are members of the Conservative Party.
If this did happen, one party would have to explicitly stand on a Remain platform. And, of course, that party would need to be the one that wins. This would be cause for a second referendum.
(source, * Note that as of the 2017 snap general election the conservatives have won, but they are 8 seats short of a majority now)
So if a party ran on a platform of "remain" and won the general election, they could call for another referendum without making people think you can just keep holding referendums and ignoring the results until you get the results you want.
Note that in 2017 the UK held a snap general election, and while things were shaken up and the conservatives lost the majority, the results of the election don't suggest that the will of the people has changed drastically enough to support a new referendum.
This path, therefore, is very unlikely.
EU offers a better deal
People for brexit voted to leave largely because of issues they had with sovereignty and immigration.
If the EU really wants them to stay (and in word they've said they do, but they haven't yet offered significant concessions) and alters the deal with the UK enough, there would be reason to proffer a new referendum.
It can't be simple small concessions, though, they would have to be broad and sweeping.
This is unlikely, but it's still a possibility. The EU knows this, and knows that they could easily win the brexit supporters over if they eliminated or severely restricted immigration requirements, and gave up more of the political power they've accrued over the years. This is not ideal for the EU, though, as they want an even playing field and playing favorites - such as permitting the pound to still exist - has caused no small amount of friction within the EU.
Both the UK and EU continue down the path of Brexit, and to some observers who believe neither are truly willing to give up the existing relationship it appears to be a game of high stakes chicken, each waiting for the other to "come to their senses" and make the concessions necessary to reestablish the relationship.
Nevertheless, it's a real possibility.