Passage Bio (NASDAQ:PASG) Rating Lowered to Sell at Wall Street Zen

Passage Bio (NASDAQ:PASG) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

PASG has been the subject of several other research reports. Canaccord Genuity Group dropped their price objective on shares of Passage Bio from $67.00 to $23.00 and set a “buy” rating for the company in a research report on Wednesday, March 4th. Chardan Capital assumed coverage on Passage Bio in a research report on Tuesday, February 10th. They issued a “buy” rating and a $21.00 price objective on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Passage Bio in a research note on Monday, December 29th. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $28.00.

Passage Bio Stock Up 3.4%

Shares of NASDAQ:PASG opened at $8.40 on Friday. The firm has a market cap of $26.96 million, a P/E ratio of -0.58 and a beta of 1.75. Passage Bio has a 12 month low of $5.12 and a 12 month high of $20.00. The company’s 50-day moving average price is $11.44 and its two-hundred day moving average price is $9.32.

Passage Bio (NASDAQ:PASG) last announced its earnings results on Tuesday, March 3rd. The company reported ($4.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.19) by ($1.89). As a group, equities analysts predict that Passage Bio will post -1.03 earnings per share for the current fiscal year.

Insider Activity at Passage Bio

In related news, CEO William Chou sold 4,076 shares of the business’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $18.44, for a total transaction of $75,161.44. Following the completion of the sale, the chief executive officer directly owned 6,524 shares of the company’s stock, valued at $120,302.56. The trade was a 38.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 4.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Passage Bio

A number of hedge funds and other institutional investors have recently bought and sold shares of PASG. Eversept Partners LP acquired a new stake in Passage Bio during the 4th quarter worth $1,490,000. Yiheng Capital Management L.P. acquired a new position in shares of Passage Bio in the 4th quarter valued at $405,000. Squarepoint Ops LLC acquired a new position in shares of Passage Bio in the 3rd quarter valued at $188,000. Quadrature Capital Ltd bought a new position in shares of Passage Bio in the 4th quarter worth $148,000. Finally, Nano Cap New Millennium Growth Fund L P bought a new position in shares of Passage Bio in the 4th quarter worth $118,000. 53.48% of the stock is owned by institutional investors.

About Passage Bio

Passage Bio is a clinical-stage biotechnology company focused on the development of gene therapies to treat rare, monogenic central nervous system and neuromuscular disorders. The company applies its in-house gene therapy platform to design and engineer adeno-associated virus (AAV)–based vectors that restore or replace defective genes, aiming to deliver durable treatments with a single administration.

The company’s lead programs include PBGM01, an AAV9-based therapy for GM2 gangliosidoses (Tay–Sachs and Sandhoff diseases), which is conducting a first-in-human study to assess safety and potential therapeutic benefit.