Passage Bio (NASDAQ:PASG) Shares Down 2.7% – Here’s Why

Passage Bio, Inc. (NASDAQ:PASG)’s share price traded down 2.7% on Monday . The stock traded as low as $5.38 and last traded at $5.47. 28,882 shares traded hands during trading, a decline of 34% from the average session volume of 43,442 shares. The stock had previously closed at $5.62.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Oppenheimer lowered their target price on Passage Bio from $30.00 to $15.00 and set an “outperform” rating for the company in a research note on Tuesday, April 21st. Canaccord Genuity Group lowered their target price on Passage Bio from $67.00 to $23.00 and set a “buy” rating for the company in a research note on Wednesday, March 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Passage Bio in a research note on Friday, March 27th. TD Cowen downgraded Passage Bio from a “buy” rating to a “hold” rating in a research note on Tuesday, April 21st. Finally, Lucid Cap Mkts downgraded Passage Bio from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $13.25.

Passage Bio Stock Down 7.9%

The firm has a market capitalization of $16.47 million, a price-to-earnings ratio of -0.43 and a beta of 1.41. The stock has a 50 day moving average of $6.61 and a 200 day moving average of $8.94.

Passage Bio (NASDAQ:PASG) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($2.36) EPS for the quarter, topping analysts’ consensus estimates of ($2.76) by $0.40. Analysts predict that Passage Bio, Inc. will post -8.62 earnings per share for the current year.

Hedge Funds Weigh In On Passage Bio

A number of large investors have recently bought and sold shares of PASG. Squarepoint Ops LLC bought a new position in Passage Bio in the third quarter worth about $188,000. Nano Cap New Millennium Growth Fund L P bought a new position in Passage Bio in the fourth quarter worth about $118,000. Geode Capital Management LLC lifted its holdings in 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. Renaissance Technologies LLC lifted its holdings in Passage Bio by 8.2% in the fourth quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock worth $1,287,000 after acquiring an additional 8,300 shares during the last quarter. Finally, Eversept Partners LP bought a new position in Passage Bio in the fourth quarter worth about $1,490,000. Institutional investors own 53.48% of the company’s stock.

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.