Passage Bio (NASDAQ:PASG) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Passage Bio (NASDAQ:PASG) from a sell rating to a hold rating in a research report report published on Saturday morning.

Several other equities analysts have also recently issued reports on the stock. Wedbush reiterated a “neutral” rating and issued a $8.00 target price (down from $32.00) on shares of Passage Bio in a research note on Tuesday, April 21st. TD Cowen cut shares of Passage Bio from a “buy” rating to a “hold” rating in a report on Tuesday, April 21st. Lucid Cap Mkts downgraded shares of Passage Bio from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Guggenheim lowered shares of Passage Bio from a “buy” rating to a “neutral” rating in a research note on Wednesday, June 10th. Finally, Oppenheimer dropped their target price on Passage Bio from $30.00 to $15.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Passage Bio currently has a consensus rating of “Hold” and a consensus price target of $13.25.

Passage Bio Trading Up 0.4%

Shares of PASG stock opened at $4.49 on Friday. The stock has a 50 day moving average of $5.13 and a 200 day moving average of $7.24. The stock has a market cap of $14.41 million, a P/E ratio of -0.38 and a beta of 1.44. Passage Bio has a twelve month low of $3.29 and a twelve month high of $20.00.

Passage Bio (NASDAQ:PASG) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($2.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.76) by $0.40. On average, research analysts predict that Passage Bio will post -8.62 earnings per share for the current fiscal year.

Insider Transactions at Passage Bio

In related news, major shareholder Lynx1 Capital Management Lp purchased 50,055 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The stock was bought at an average price of $4.12 per share, with a total value of $206,226.60. Following the acquisition, the insider owned 673,759 shares in the company, valued at $2,775,887.08. The trade was a 8.03% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.90% of the company’s stock.

Hedge Funds Weigh In On Passage Bio

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Eversept Partners LP acquired a new stake in shares of Passage Bio in the fourth quarter worth approximately $1,490,000. Yiheng Capital Management L.P. purchased a new stake in shares of Passage Bio during the fourth quarter worth approximately $405,000. Renaissance Technologies LLC raised its stake in Passage Bio by 22.5% in the 1st quarter. Renaissance Technologies LLC now owns 133,612 shares of the company’s stock valued at $1,049,000 after purchasing an additional 24,523 shares during the last quarter. Squarepoint Ops LLC purchased a new position in Passage Bio in the 3rd quarter valued at $188,000. Finally, Quadrature Capital Ltd purchased a new position in Passage Bio in the 4th quarter valued at $148,000. 53.48% of the stock is owned by hedge funds and other institutional investors.

Passage Bio Company Profile

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.