Passage Bio (NASDAQ:PASG) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Passage Bio (NASDAQ:PASG) from a buy rating to a hold rating in a research note released on Tuesday, Zacks.com reports.

According to Zacks, “Passage Bio Inc. is a genetic medicines company. It is focused on developing transformative therapies for rare, monogenic central nervous system diseases. The company’s principal product includes GM1 gangliosidosis, frontotemporal dementia and Krabbe disease which is in clinical stage. Passage Bio Inc. is based in Philadelphia, United States. “

Separately, BTIG Research reiterated a buy rating and issued a $24.00 price objective on shares of Passage Bio in a report on Friday, November 5th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Buy and a consensus price target of $26.61.

PASG stock opened at $5.76 on Tuesday. The firm has a market capitalization of $311.66 million, a P/E ratio of -1.70 and a beta of 1.46. The business’s 50-day moving average is $7.05 and its two-hundred day moving average is $9.80. Passage Bio has a 1 year low of $5.23 and a 1 year high of $30.14.

Passage Bio (NASDAQ:PASG) last posted its quarterly earnings results on Thursday, November 4th. The company reported ($0.87) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.07). During the same quarter in the prior year, the business earned ($0.63) earnings per share. On average, equities analysts anticipate that Passage Bio will post -3.31 earnings per share for the current fiscal year.

In other news, major shareholder Orbimed Advisors Llc purchased 41,800 shares of the company’s stock in a transaction that occurred on Thursday, January 13th. The shares were purchased at an average price of $5.52 per share, for a total transaction of $230,736.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 25.50% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of PASG. Morgan Stanley lifted its holdings in shares of Passage Bio by 89.2% in the 2nd quarter. Morgan Stanley now owns 1,146,346 shares of the company’s stock valued at $15,177,000 after buying an additional 540,546 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Passage Bio by 37.2% in the 2nd quarter. Vanguard Group Inc. now owns 1,864,133 shares of the company’s stock valued at $24,682,000 after buying an additional 505,231 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Passage Bio by 129.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 770,360 shares of the company’s stock valued at $10,200,000 after buying an additional 435,235 shares during the period. Millennium Management LLC acquired a new stake in shares of Passage Bio in the 2nd quarter valued at approximately $2,584,000. Finally, Two Sigma Advisers LP lifted its holdings in shares of Passage Bio by 400.0% in the 3rd quarter. Two Sigma Advisers LP now owns 158,500 shares of the company’s stock valued at $1,579,000 after buying an additional 126,800 shares during the period. 77.24% of the stock is owned by institutional investors and hedge funds.

About Passage Bio

Passage Bio, Inc, a genetic medicines company, develops transformative therapies for rare monogenic central nervous system (CNS) diseases. It develops PBGM01, which utilizes a proprietary, AAVhu68 capsid to deliver to the brain and peripheral tissues a functional GLB1 gene encoding lysosomal acid beta-galactosidase (Ã-gal) for infantile GM1; PBFT02, which utilizes an AAV1 capsid to deliver to the brain a functional granulin, or GRN, gene encoding progranulin, or PGRN, for the treatment of FTD-GRN; and PBKR03, which utilizes a proprietary, AAVhu68 capsid to deliver to the brain and peripheral tissues a functional GALC gene encoding the hydrolytic enzyme galactosylceramidase for infantile Krabbe disease.

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