Passage Bio, Inc. (NASDAQ:PASG) Receives $13.25 Average Price Target from Analysts

Shares of Passage Bio, Inc. (NASDAQ:PASG) have been given an average rating of “Hold” by the nine brokerages that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $13.25.

A number of research analysts recently commented on the company. Chardan Capital set a $7.00 price target on Passage Bio and gave the company a “neutral” rating in a research note on Tuesday, April 21st. Wall Street Zen upgraded shares of Passage Bio from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Lucid Cap Mkts lowered shares of Passage Bio from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Passage Bio in a report on Wednesday, June 24th. Finally, Guggenheim cut shares of Passage Bio from a “buy” rating to a “neutral” rating in a research report on Wednesday, June 10th.

Insider Buying and Selling

In other news, major shareholder Lynx1 Capital Management Lp acquired 50,055 shares of the stock in a transaction on Thursday, June 25th. The stock was acquired at an average cost of $4.12 per share, for a total transaction of $206,226.60. Following the completion of the transaction, the insider directly owned 673,759 shares in the company, valued at approximately $2,775,887.08. This trade represents a 8.03% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 4.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Passage Bio

Several hedge funds and other institutional investors have recently modified their holdings of PASG. Eversept Partners LP lifted its position in shares of Passage Bio by 4.2% during the 1st quarter. Eversept Partners LP now owns 131,581 shares of the company’s stock worth $1,033,000 after buying an additional 5,351 shares during the last quarter. Renaissance Technologies LLC grew its position in Passage Bio by 22.5% in the first 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. Yiheng Capital Management L.P. acquired a new position in Passage Bio during the fourth quarter worth about $405,000. Quadrature Capital Ltd acquired a new position in Passage Bio during the fourth quarter worth about $148,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Passage Bio by 15.1% in the fourth quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock worth $371,000 after acquiring an additional 4,114 shares during the last quarter. Institutional investors own 53.48% of the company’s stock.

Passage Bio Trading Down 0.4%

Shares of PASG stock opened at $4.61 on Thursday. The stock has a market cap of $14.79 million, a P/E ratio of -0.39 and a beta of 1.44. Passage Bio has a 1 year low of $3.29 and a 1 year high of $20.00. The stock has a 50 day simple moving average of $5.09 and a 200 day simple moving average of $7.10.

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