Passage Bio (NASDAQ:PASG) Upgraded to Hold at Wall Street Zen

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

Several other analysts have also commented on PASG. UBS Group lowered shares of Passage Bio to a “neutral” rating in a report on Wednesday, June 10th. Lucid Cap Mkts lowered Passage Bio from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Wedbush restated 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. Weiss Ratings restated a “sell (d-)” rating on shares of Passage Bio in a research note on Wednesday, June 24th. Finally, Guggenheim lowered Passage Bio from a “buy” rating to a “neutral” rating in a research report on Wednesday, June 10th. Two equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Passage Bio presently has an average rating of “Hold” and an average target price of $13.25.

Passage Bio Stock Down 0.4%

NASDAQ:PASG opened at $4.47 on Friday. The stock has a market cap of $14.35 million, a P/E ratio of -0.38 and a beta of 1.42. The firm’s fifty day simple moving average is $5.14 and its 200 day simple moving average is $7.39. Passage Bio has a twelve month low of $3.29 and a twelve month high of $20.00.

Passage Bio (NASDAQ:PASG) last announced its earnings results on Tuesday, May 12th. The company reported ($2.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.76) by $0.40. On average, analysts expect that Passage Bio will post -8.62 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nano Cap New Millennium Growth Fund L P purchased a new stake in Passage Bio in the fourth quarter worth approximately $118,000. Quadrature Capital Ltd purchased a new stake in Passage Bio during the 4th quarter valued at $148,000. Squarepoint Ops LLC purchased a new stake in Passage Bio during the 3rd quarter valued at $188,000. Geode Capital Management LLC raised its stake in Passage Bio by 15.1% during the 4th 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. Finally, Yiheng Capital Management L.P. bought a new position in shares of Passage Bio during the 4th quarter valued at $405,000. 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.