Oppenheimer Issues Pessimistic Forecast for Passage Bio (NASDAQ:PASG) Stock Price

Passage Bio (NASDAQ:PASG) had its target price dropped by equities researchers at Oppenheimer from $30.00 to $15.00 in a report issued on Tuesday, Marketbeat reports. The firm presently has an “outperform” rating on the stock. Oppenheimer’s target price indicates a potential upside of 151.09% from the stock’s previous close.

Several other equities research analysts have also issued reports on PASG. Wedbush reissued a “neutral” rating and set a $8.00 target price (down from $32.00) on shares of Passage Bio in a research note on Tuesday. Lucid Cap Mkts lowered shares of Passage Bio from a “strong-buy” rating to a “hold” rating in a research note on Monday. Chardan Capital set a $7.00 price target on shares of Passage Bio and gave the stock a “neutral” rating in a research report on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Passage Bio in a research report on Friday, March 27th. Finally, TD Cowen restated a “hold” rating on shares of Passage Bio in a research report on Tuesday. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $13.25.

Passage Bio Price Performance

NASDAQ:PASG traded down $0.28 during mid-day trading on Tuesday, hitting $5.97. The company’s stock had a trading volume of 234,767 shares, compared to its average volume of 73,157. The business’s fifty day moving average is $8.55 and its two-hundred day moving average is $9.55. Passage Bio has a 1 year low of $5.12 and a 1 year high of $20.00. The stock has a market cap of $19.18 million, a price-to-earnings ratio of -0.41 and a beta of 1.77.

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 the consensus estimate of ($2.19) by ($1.89). Analysts anticipate that Passage Bio will post -8.44 EPS for the current fiscal year.

Institutional Investors Weigh In On Passage Bio

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Yiheng Capital Management L.P. acquired a new stake in shares of Passage Bio in the fourth quarter valued at approximately $405,000. Quadrature Capital Ltd acquired a new stake in shares of Passage Bio during the 4th quarter worth approximately $148,000. Eversept Partners LP acquired a new stake in shares of Passage Bio during the 4th quarter worth approximately $1,490,000. Renaissance Technologies LLC increased its holdings in shares of Passage Bio by 8.2% during the 4th quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock worth $1,287,000 after buying an additional 8,300 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings 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 buying an additional 4,114 shares during the last quarter. Institutional investors and hedge funds 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.