Passage Bio (NASDAQ:PASG) Stock Falls 2.4% – Time to Sell?

Passage Bio, Inc. (NASDAQ:PASG) fell 2.4% during trading on Friday. The stock traded as low as $3.61 and last traded at $3.69. Approximately 12,111 shares changed hands during trading, a decline of 42% from the average daily volume of 21,058 shares. The stock had previously closed at $3.78.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PASG. Weiss Ratings downgraded shares of Passage Bio from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, August 6th. Wall Street Zen cut shares of Passage Bio from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Two research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Passage Bio presently has an average rating of “Hold” and an average target price of $13.25.

Passage Bio Price Performance

The stock has a market capitalization of $11.88 million, a PE ratio of -0.33 and a beta of 1.40. The firm has a fifty day moving average price of $4.56 and a two-hundred day moving average price of $5.47.

Passage Bio (NASDAQ:PASG) last posted its quarterly earnings data on Monday, August 10th. The company reported ($2.44) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($2.44). On average, research analysts expect that Passage Bio, Inc. will post -9.19 earnings per share for the current fiscal year.

Institutional Trading of Passage Bio

A hedge fund recently raised its position in Passage Bio stock. Eversept Partners LP increased its stake in Passage Bio, Inc. (NASDAQ:PASG) by 4.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 131,581 shares of the company’s stock after buying an additional 5,351 shares during the period. Eversept Partners LP owned 4.10% of Passage Bio worth $1,033,000 as of its most recent SEC filing. 53.48% of the stock is currently owned by institutional investors.

About Passage Bio

Passage Bio, Inc is a clinical-stage biotechnology company developing genetic medicines for severe diseases of the central nervous system. The company focuses on conditions with significant unmet medical needs and uses adeno-associated virus (AAV) gene-delivery technologies to develop potential one-time treatments intended to address the underlying causes of disease.

Its research and development programs have included investigational therapies for rare neurological and neurodegenerative disorders, including GM1 gangliosidosis, Krabbe disease and frontotemporal dementia associated with progranulin gene mutations.