TD Cowen Reiterates “Hold” Rating for Passage Bio (NASDAQ:PASG)

Passage Bio (NASDAQ:PASG)‘s stock had its “hold” rating reaffirmed by investment analysts at TD Cowen in a research note issued on Tuesday, Marketbeat Ratings reports.

PASG has been the topic of a number of other research reports. Canaccord Genuity Group dropped their price objective on shares of Passage Bio from $67.00 to $23.00 and set a “buy” rating on the stock in a report on Wednesday, March 4th. Chardan Capital set a $7.00 price objective on shares of Passage Bio and gave the stock a “neutral” rating in a report on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Passage Bio in a report on Friday, March 27th. Lucid Cap Mkts downgraded shares of Passage Bio from a “strong-buy” rating to a “hold” rating in a report on Monday. Finally, Wall Street Zen downgraded shares of Passage Bio from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.00.

Passage Bio Price Performance

Shares of PASG traded up $0.04 on Tuesday, reaching $6.29. The company’s stock had a trading volume of 198,706 shares, compared to its average volume of 72,873. The stock has a market capitalization of $20.19 million, a P/E ratio of -0.43 and a beta of 1.77. The stock’s 50 day simple moving average is $8.55 and its two-hundred day simple moving average is $9.55. Passage Bio has a 12-month low of $5.12 and a 12-month high of $20.00.

Passage Bio (NASDAQ:PASG) last posted its quarterly earnings data 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 expect that Passage Bio will post -8.44 earnings per share for the current year.

Hedge Funds Weigh In On Passage Bio

Several large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in Passage Bio by 15.1% during the fourth quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock valued at $371,000 after purchasing an additional 4,114 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Passage Bio by 8.2% during the fourth quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock valued at $1,287,000 after purchasing an additional 8,300 shares in the last quarter. Nano Cap New Millennium Growth Fund L P purchased a new position in Passage Bio during the fourth quarter valued at approximately $118,000. Quadrature Capital Ltd purchased a new position in Passage Bio during the fourth quarter valued at approximately $148,000. Finally, Squarepoint Ops LLC purchased a new position in Passage Bio during the third quarter valued at approximately $188,000. 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.