Passage Bio (NASDAQ:PASG) Downgraded by Wall Street Zen to Sell

Wall Street Zen cut shares of Passage Bio (NASDAQ:PASG) from a hold rating to a sell rating in a research note issued to investors on Saturday morning.

Several other research analysts also recently issued reports on PASG. Wedbush reiterated a “neutral” rating and issued a $8.00 target price (down from $32.00) on shares of Passage Bio in a research note on Tuesday, April 21st. Guggenheim cut shares of Passage Bio from a “buy” rating to a “neutral” rating in a report on Wednesday, June 10th. TD Cowen downgraded shares of Passage Bio from a “buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Oppenheimer decreased their price objective 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. Finally, Lucid Cap Mkts cut Passage Bio from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Two analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $13.25.

Passage Bio Price Performance

PASG opened at $4.59 on Friday. The stock has a 50-day moving average price of $4.90 and a 200-day moving average price of $6.74. The firm has a market cap of $14.78 million, a PE ratio of -0.41 and a beta of 1.44. Passage Bio has a 1 year low of $3.29 and a 1 year high of $20.00.

Passage Bio (NASDAQ:PASG) last announced its quarterly earnings results on Monday, August 10th. The company reported ($2.44) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($2.44). As a group, sell-side analysts anticipate that Passage Bio will post -9.19 EPS for the current year.

Insider Activity at Passage Bio

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

Institutional Investors Weigh In On Passage Bio

Several institutional investors have recently modified their holdings of the stock. Squarepoint Ops LLC bought a new stake in Passage Bio in the third quarter worth about $188,000. Nano Cap New Millennium Growth Fund L P acquired a new position in Passage Bio during the 4th quarter valued at about $118,000. Geode Capital Management LLC raised its stake in Passage Bio by 15.1% in the fourth quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock valued at $371,000 after buying an additional 4,114 shares during the last quarter. Renaissance Technologies LLC raised its stake in Passage Bio by 8.2% in the fourth quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock valued at $1,287,000 after buying an additional 8,300 shares during the last quarter. Finally, Eversept Partners LP purchased a new stake in Passage Bio in the fourth quarter valued at about $1,490,000. 53.48% of the stock is owned by institutional investors.

Passage Bio Company 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.