Passage Bio, Inc. (NASDAQ:PASG) Given Average Rating of “Hold” by Brokerages

Passage Bio, Inc. (NASDAQ:PASG) has received a consensus recommendation of “Hold” from the nine research firms that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $13.25.

Several brokerages have commented on PASG. 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 research report on Tuesday, April 21st. TD Cowen downgraded shares of Passage Bio from a “buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Passage Bio in a report on Wednesday, June 24th. Wedbush reaffirmed a “neutral” rating and set a $8.00 price objective (down from $32.00) on shares of Passage Bio in a research report on Tuesday, April 21st. Finally, Lucid Cap Mkts downgraded shares of Passage Bio from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th.

Insider Transactions at Passage Bio

In other Passage Bio news, major shareholder Lynx1 Capital Management Lp purchased 50,055 shares of the firm’s stock in a transaction on Thursday, June 25th. The stock was bought at an average cost of $4.12 per share, with a total value of $206,226.60. Following the acquisition, the insider directly owned 673,759 shares of the company’s stock, valued at approximately $2,775,887.08. This represents a 8.03% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Passage Bio

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Nano Cap New Millennium Growth Fund L P purchased a new stake in Passage Bio during the fourth quarter worth approximately $118,000. Quadrature Capital Ltd acquired a new stake in Passage Bio during the fourth quarter worth approximately $148,000. Squarepoint Ops LLC acquired a new stake in Passage Bio during the third quarter worth approximately $188,000. Geode Capital Management LLC lifted its position in shares of 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 buying an additional 4,114 shares during the last quarter. Finally, Yiheng Capital Management L.P. purchased a new position in shares of Passage Bio in the 4th quarter valued at $405,000. Institutional investors and hedge funds own 53.48% of the company’s stock.

Passage Bio Price Performance

PASG opened at $4.68 on Friday. Passage Bio has a 52 week low of $3.29 and a 52 week high of $20.00. The business has a fifty day simple moving average of $5.29 and a 200-day simple moving average of $8.46. The firm has a market cap of $15.02 million, a P/E ratio of -0.40 and a beta of 1.42.

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

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.