Passage Bio, Inc. (NASDAQ:PASG) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Passage Bio, Inc. (NASDAQ:PASG) has been given a consensus recommendation of “Moderate Buy” by the four brokerages that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation and three have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $28.00.

PASG has been the subject of a number of recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Passage Bio in a research note on Monday, December 29th. Chardan Capital began coverage on Passage Bio in a research note on Tuesday, February 10th. They issued a “buy” rating and a $21.00 target price on the stock. Wall Street Zen lowered Passage Bio from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Finally, Canaccord Genuity Group reduced their price target on Passage Bio from $67.00 to $23.00 and set a “buy” rating for the company in a research report on Wednesday, March 4th.

Insider Activity at Passage Bio

In other news, CEO William Chou sold 4,076 shares of Passage Bio stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $18.44, for a total transaction of $75,161.44. Following the completion of the transaction, the chief executive officer directly owned 6,524 shares of the company’s stock, valued at $120,302.56. The trade was a 38.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.00% of the stock is owned by insiders.

Institutional Trading of Passage Bio

A number of hedge funds have recently added to or reduced their stakes in PASG. Nano Cap New Millennium Growth Fund L P purchased a new position in Passage Bio during the fourth quarter valued at $118,000. Quadrature Capital Ltd purchased a new stake in shares of Passage Bio during the fourth quarter worth about $148,000. Squarepoint Ops LLC acquired a new position in shares of Passage Bio during the 3rd quarter worth about $188,000. Geode Capital Management LLC raised 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 purchasing an additional 4,114 shares during the last quarter. Finally, Yiheng Capital Management L.P. purchased a new position in Passage Bio in the 4th quarter valued at about $405,000. 53.48% of the stock is owned by hedge funds and other institutional investors.

Passage Bio Price Performance

NASDAQ:PASG opened at $6.89 on Friday. The company’s fifty day moving average price is $9.37 and its 200-day moving average price is $9.32. Passage Bio has a 1-year low of $5.12 and a 1-year high of $20.00. The firm has a market capitalization of $22.10 million, a P/E ratio of -0.48 and a beta of 1.75.

Passage Bio (NASDAQ:PASG) last posted its earnings results on Tuesday, March 3rd. The company reported ($4.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.19) by ($1.89). Equities analysts anticipate that Passage Bio will post -1.03 EPS for the current fiscal 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.