Passage Bio (NASDAQ:PASG) Shares Break Above 50 Day Moving Average – Time to Sell?

Passage Bio, Inc. (NASDAQ:PASG)’s share price passed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $4.11 and traded as high as $4.25. Passage Bio shares last traded at $4.25, with a volume of 11,933 shares.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Wall Street Zen downgraded shares of Passage Bio from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Weiss Ratings upgraded Passage Bio from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, November 2nd. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $13.25.

Passage Bio Stock Performance

The stock has a 50-day simple moving average of $4.11 and a 200 day simple moving average of $5.87. The stock has a market capitalization of $13.69 million, a P/E ratio of -0.41 and a beta of 1.51.

Passage Bio (NASDAQ:PASG) last announced its quarterly earnings data on Tuesday, November 10th. The company reported ($1.47) earnings per share for the quarter, hitting the consensus estimate of ($1.47). Equities analysts predict that Passage Bio, Inc. will post -7.75 earnings per share for the current year.

Institutional Investors Weigh In On Passage Bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC increased its stake in shares of 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 acquiring an additional 24,523 shares during the last quarter. Eversept Partners LP raised its holdings in shares of Passage Bio by 4.2% during the first quarter. Eversept Partners LP now owns 131,581 shares of the company’s stock worth $1,033,000 after acquiring an additional 5,351 shares during the period. Finally, Nantahala Capital Management LLC acquired a new stake in shares of Passage Bio in the 3rd quarter valued at about $573,000. Institutional investors own 53.48% of the company’s stock.

About Passage Bio

Passage Bio is a clinical-stage biotechnology company developing gene therapies for rare, inherited central nervous system disorders. Its approach uses viral vectors to deliver genetic material intended to address the underlying causes of these diseases. The company’s lead program, PBFT02, is being developed for frontotemporal dementia associated with mutations in the GRN gene. Passage Bio has also worked on gene therapy candidates for other rare neurological conditions, including Krabbe disease and GM1 gangliosidosis.