Passage Bio, Inc. (NASDAQ:PASG) Given Consensus Recommendation of “Hold” by Brokerages

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

A number of analysts have issued reports on PASG shares. Wall Street Zen downgraded shares of Passage Bio from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Guggenheim lowered Passage Bio from a “buy” rating to a “neutral” rating in a research note on Wednesday, June 10th. Weiss Ratings downgraded Passage Bio from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, August 6th. Finally, UBS Group cut Passage Bio to a “neutral” rating in a report on Wednesday, June 10th.

Passage Bio Price Performance

Shares of NASDAQ PASG opened at $5.04 on Friday. The stock has a market cap of $16.23 million, a PE ratio of -0.45 and a beta of 1.43. Passage Bio has a 1 year low of $3.29 and a 1 year high of $20.00. The firm has a fifty day moving average price of $4.65 and a 200-day moving average price of $5.85.

Passage Bio (NASDAQ:PASG) last issued its earnings results on Monday, August 10th. The company reported ($2.44) earnings per share for the quarter, hitting the consensus estimate of ($2.44). On average, research analysts expect that Passage Bio will post -9.19 EPS for the current year.

Insiders Place Their Bets

In other Passage Bio news, major shareholder Lynx1 Capital Management Lp purchased 50,055 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The shares were bought at an average price of $4.12 per share, with a total value of $206,226.60. Following the completion of the purchase, the insider directly owned 673,759 shares in the company, valued at $2,775,887.08. This trade represents a 8.03% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 4.90% of the company’s stock.

Institutional Trading of Passage Bio

A number of large investors have recently made changes to their positions in PASG. Eversept Partners LP purchased a new stake in Passage Bio in the fourth quarter worth $1,490,000. Renaissance Technologies LLC grew its holdings in shares of Passage Bio by 22.5% in the first quarter. Renaissance Technologies LLC now owns 133,612 shares of the company’s stock worth $1,049,000 after purchasing an additional 24,523 shares during the last quarter. Finally, Nano Cap New Millennium Growth Fund L P purchased a new position in Passage Bio in the 4th quarter worth about $118,000. 53.48% of the stock is currently owned by institutional investors.

About Passage Bio

Passage Bio, Inc is a clinical-stage biotechnology company focused on developing genetic medicines for severe diseases of the central nervous system. The company uses adeno-associated virus (AAV) gene therapy platforms to deliver functional genes to target cells, with the goal of addressing the underlying causes of inherited neurological disorders.

Passage Bio’s development programs have included investigational therapies for conditions such as GM1 gangliosidosis, Krabbe disease and frontotemporal dementia.