Passage Bio, Inc. (NASDAQ:PASG) Receives Average Rating of “Hold” from Brokerages

Shares of Passage Bio, Inc. (NASDAQ:PASG) have been given an average recommendation of “Hold” by the nine analysts that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and two have given a buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $13.25.

Several research analysts have recently weighed in on the stock. Chardan Capital set a $7.00 price target on shares of Passage Bio and gave the company a “neutral” rating in a research report on Tuesday, April 21st. Wedbush restated a “neutral” rating and set a $8.00 price objective (down from $32.00) on shares of Passage Bio in a research report on Tuesday, April 21st. Wall Street Zen raised shares of Passage Bio from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 3rd. Guggenheim downgraded shares of Passage Bio from a “buy” rating to a “neutral” rating in a research note on Wednesday, June 10th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Passage Bio in a report on Wednesday, June 24th.

Passage Bio Stock Performance

NASDAQ:PASG opened at $4.68 on Friday. Passage Bio has a one year low of $3.29 and a one year high of $20.00. The stock has a market cap of $15.02 million, a PE ratio of -0.40 and a beta of 1.42. The stock has a 50 day moving average price of $5.29 and a 200 day moving average price of $8.46.

Passage Bio (NASDAQ:PASG) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($2.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.76) by $0.40. As a group, analysts predict that Passage Bio will post -8.62 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Lynx1 Capital Management Lp purchased 50,055 shares of Passage Bio stock in a transaction dated Thursday, June 25th. The shares were purchased at an average price of $4.12 per share, with a total value of $206,226.60. Following the transaction, the insider owned 673,759 shares in the company, valued at $2,775,887.08. This represents a 8.03% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Passage Bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PASG. Geode Capital Management LLC lifted its stake in shares of Passage Bio by 15.1% in the 4th quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock valued at $371,000 after purchasing an additional 4,114 shares during the last quarter. Eversept Partners LP increased its position in shares of Passage Bio by 4.2% during the 1st quarter. Eversept Partners LP now owns 131,581 shares of the company’s stock worth $1,033,000 after purchasing an additional 5,351 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Passage Bio by 8.2% in the 4th quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock valued at $1,287,000 after buying an additional 8,300 shares during the period. Nano Cap New Millennium Growth Fund L P purchased a new stake in Passage Bio in the 4th quarter valued at about $118,000. Finally, Quadrature Capital Ltd purchased a new stake in Passage Bio in the 4th quarter valued at about $148,000. Hedge funds and other institutional investors own 53.48% of the company’s stock.

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.