Analysts Set Passage Bio, Inc. (NASDAQ:PASG) Price Target at $13.25

Shares of Passage Bio, Inc. (NASDAQ:PASG) have received a consensus rating of “Hold” from the seven brokerages that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $13.25.

A number of equities analysts recently issued reports on the company. TD Cowen cut Passage Bio from a “buy” rating to a “hold” rating in a report on Tuesday, April 21st. Oppenheimer cut their target price on Passage Bio from $30.00 to $15.00 and set an “outperform” rating on the stock in a report on Tuesday, April 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Passage Bio in a report on Friday, March 27th. Canaccord Genuity Group cut their target price on Passage Bio from $67.00 to $23.00 and set a “buy” rating on the stock in a report on Wednesday, March 4th. Finally, Chardan Capital set a $7.00 target price on Passage Bio and gave the stock a “neutral” rating in a report on Tuesday, April 21st.

Hedge Funds Weigh In On Passage Bio

A number of large investors have recently modified their holdings of the company. Eversept Partners LP lifted its holdings in shares of Passage Bio by 4.2% in 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 in the last quarter. Renaissance Technologies LLC lifted its holdings 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 worth $1,049,000 after purchasing an additional 24,523 shares in the last quarter. Yiheng Capital Management L.P. bought a new position in shares of Passage Bio in the 4th quarter worth $405,000. Quadrature Capital Ltd bought a new position in shares of Passage Bio in the 4th quarter worth $148,000. Finally, Geode Capital Management LLC lifted its stake in Passage Bio by 15.1% during the 4th quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock valued at $371,000 after acquiring an additional 4,114 shares in the last quarter. 53.48% of the stock is currently owned by institutional investors.

Passage Bio Stock Up 1.2%

Shares of PASG stock opened at $5.22 on Friday. The company has a market cap of $16.76 million, a price-to-earnings ratio of -0.44 and a beta of 1.38. Passage Bio has a 52 week low of $3.93 and a 52 week high of $20.00. The firm has a 50 day moving average of $6.98 and a 200-day moving average of $9.10.

Passage Bio (NASDAQ:PASG) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($2.36) EPS for the quarter, topping the consensus estimate of ($2.76) by $0.40. Analysts anticipate that Passage Bio will post -8.62 earnings per share for the current year.

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.