Passage Bio, Inc. (NASDAQ:PASG) Given Average Rating of “Hold” by Brokerages

Shares of Passage Bio, Inc. (NASDAQ:PASG) have been given an average rating of “Hold” by the six brokerages that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $17.00.

PASG has been the topic of a number of research analyst reports. Wedbush reissued a “neutral” rating and issued a $8.00 target price on shares of Passage Bio in a research report on Tuesday. Lucid Cap Mkts lowered Passage Bio from a “strong-buy” rating to a “hold” rating in a research report on Monday. Oppenheimer initiated coverage on Passage Bio in a research report on Tuesday, March 31st. They set an “outperform” rating and a $30.00 price objective on the stock. Canaccord Genuity Group cut their price objective on Passage Bio from $67.00 to $23.00 and set a “buy” rating on the stock in a research report on Wednesday, March 4th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Passage Bio in a research report on Friday, March 27th.

Passage Bio Stock Down 46.4%

Shares of NASDAQ PASG opened at $6.25 on Tuesday. The firm has a market cap of $20.06 million, a price-to-earnings ratio of -0.43 and a beta of 1.77. Passage Bio has a 52-week low of $5.12 and a 52-week high of $20.00. The business’s 50 day moving average is $8.55 and its two-hundred day moving average is $9.55.

Passage Bio (NASDAQ:PASG) last announced 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). Analysts anticipate that Passage Bio will post -8.44 EPS for the current fiscal year.

Institutional Trading of Passage Bio

Large investors have recently modified their holdings of the stock. Yiheng Capital Management L.P. purchased a new stake in shares of Passage Bio during the fourth quarter worth $405,000. Squarepoint Ops LLC acquired a new position in shares of Passage Bio during the third quarter worth $188,000. Geode Capital Management LLC grew its stake in shares of Passage Bio by 15.1% during the fourth 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 in the last quarter. Renaissance Technologies LLC grew its stake in shares of Passage Bio by 8.2% during the fourth quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock worth $1,287,000 after purchasing an additional 8,300 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new position in shares of Passage Bio during the fourth quarter worth $148,000. 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.