Passage Bio (NASDAQ:PASG) Trading Down 2.8% – Here’s What Happened

Passage Bio, Inc. (NASDAQ:PASG) shares were down 2.8% during trading on Monday . The company traded as low as $4.81 and last traded at $4.86. 30,123 shares changed hands during trading, an increase of 24% from the average session volume of 24,239 shares. The stock had previously closed at $5.00.

Analyst Ratings Changes

PASG has been the topic of a number of recent analyst reports. Wall Street Zen lowered Passage Bio from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Weiss Ratings downgraded Passage Bio from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, August 6th. UBS Group lowered Passage Bio to a “neutral” rating in a research report on Wednesday, June 10th. Finally, Guggenheim cut Passage Bio from a “buy” rating to a “neutral” rating in a research note on Wednesday, June 10th. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Passage Bio has a consensus rating of “Hold” and a consensus target price of $13.25.

Passage Bio Price Performance

The firm has a fifty day simple moving average of $4.64 and a two-hundred day simple moving average of $5.91. The firm has a market capitalization of $15.42 million, a P/E ratio of -0.42 and a beta of 1.43.

Passage Bio (NASDAQ:PASG) last issued its earnings results on Monday, August 10th. The company reported ($2.44) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($2.44). On average, research analysts anticipate that Passage Bio, Inc. will post -9.19 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Lynx1 Capital Management Lp acquired 50,055 shares of the stock in a transaction that occurred on Thursday, June 25th. The shares were acquired at an average cost of $4.12 per share, for a total transaction of $206,226.60. Following the purchase, the insider owned 673,759 shares of the company’s stock, valued at approximately $2,775,887.08. The trade was a 8.03% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.90% of the company’s stock.

Hedge Funds Weigh In On Passage Bio

Several large investors have recently modified their holdings of PASG. Eversept Partners LP purchased a new stake in shares of Passage Bio during the 4th quarter valued at approximately $1,490,000. Renaissance Technologies LLC grew its stake in Passage Bio by 22.5% in the 1st quarter. Renaissance Technologies LLC now owns 133,612 shares of the company’s stock valued at $1,049,000 after buying an additional 24,523 shares in the last quarter. Finally, Nano Cap New Millennium Growth Fund L P bought a new stake in Passage Bio during the 4th quarter valued at $118,000. Hedge funds and other institutional investors own 53.48% of the company’s stock.

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.