Passage Bio, Inc. (NASDAQ:PASG) Receives Consensus Recommendation of “Hold” from Analysts

Passage Bio, Inc. (NASDAQ:PASG) has been assigned a consensus recommendation of “Hold” from the seven brokerages that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating on the company. The average 1 year price target among analysts that have covered the stock in the last year is $13.25.

PASG has been the topic of a number of research reports. Oppenheimer dropped their target price on shares of Passage Bio from $30.00 to $15.00 and set an “outperform” rating on the stock in a report on Tuesday, April 21st. Lucid Cap Mkts downgraded shares of Passage Bio from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Canaccord Genuity Group dropped their price objective on shares of Passage Bio from $67.00 to $23.00 and set a “buy” rating on the stock in a research note on Wednesday, March 4th. TD Cowen cut shares of Passage Bio from a “buy” rating to a “hold” rating in a report on Tuesday, April 21st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Passage Bio in a research note on Friday, March 27th.

Passage Bio Stock Performance

PASG opened at $5.57 on Wednesday. The company has a market capitalization of $17.88 million, a P/E ratio of -0.47 and a beta of 1.41. The company has a 50-day moving average of $6.61 and a 200-day moving average of $8.94. Passage Bio has a 1-year low of $3.93 and a 1-year high of $20.00.

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. As a group, sell-side analysts expect that Passage Bio will post -8.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PASG. Nano Cap New Millennium Growth Fund L P bought a new stake in Passage Bio in the fourth quarter valued at $118,000. Quadrature Capital Ltd acquired a new position in Passage Bio during the 4th quarter valued at about $148,000. Squarepoint Ops LLC bought a new position in Passage Bio in the 3rd quarter worth about $188,000. Geode Capital Management LLC grew its position in Passage Bio by 15.1% in 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 during the last quarter. Finally, Yiheng Capital Management L.P. acquired a new stake in shares of Passage Bio in the fourth quarter valued at approximately $405,000. 53.48% of the stock is currently 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.