Eversept Partners LP Invests $1.49 Million in Passage Bio, Inc. $PASG

Eversept Partners LP bought a new position in shares of Passage Bio, Inc. (NASDAQ:PASG) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 126,230 shares of the company’s stock, valued at approximately $1,490,000. Eversept Partners LP owned 3.97% of Passage Bio as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Squarepoint Ops LLC purchased a new position in Passage Bio during the 3rd quarter worth approximately $188,000. Renaissance Technologies LLC grew its position in Passage Bio by 8.2% during the 4th quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock worth $1,287,000 after purchasing an additional 8,300 shares in the last quarter. Geode Capital Management LLC grew its position in Passage Bio by 15.1% during the 4th quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock worth $371,000 after purchasing an additional 4,114 shares in the last quarter. Finally, Nano Cap New Millennium Growth Fund L P purchased a new position in Passage Bio during the 4th quarter worth approximately $118,000. 53.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PASG shares. Oppenheimer decreased their price target on shares of Passage Bio from $30.00 to $15.00 and set an “outperform” rating for the company in a report on Tuesday, April 21st. Wall Street Zen upgraded shares of Passage Bio from a “strong sell” rating to a “sell” rating in a report on Sunday, May 3rd. Lucid Cap Mkts cut shares of Passage Bio from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Wedbush restated a “neutral” rating and set a $8.00 price target (down from $32.00) on shares of Passage Bio in a report on Tuesday, April 21st. Finally, UBS Group lowered Passage Bio to a “neutral” rating in a report on Wednesday, June 10th. Two analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Passage Bio has a consensus rating of “Hold” and an average price target of $13.25.

Passage Bio Price Performance

Passage Bio stock opened at $5.33 on Thursday. The company has a market capitalization of $17.11 million, a price-to-earnings ratio of -0.45 and a beta of 1.41. Passage Bio, Inc. has a one year low of $3.93 and a one year high of $20.00. The company’s fifty day moving average price is $6.34 and its two-hundred day moving average price is $8.81.

Passage Bio (NASDAQ:PASG) last posted its earnings results on Tuesday, May 12th. The company reported ($2.36) EPS for the quarter, topping the consensus estimate of ($2.76) by $0.40. As a group, sell-side analysts anticipate that Passage Bio, Inc. will post -8.62 earnings per share for the current year.

Passage Bio 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.