Passage Bio (NASDAQ:PASG) Cut to “Hold” at Chardan Capital

Passage Bio (NASDAQ:PASG) was downgraded by equities research analysts at Chardan Capital from a “strong-buy” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

PASG has been the topic of several other reports. Lucid Cap Mkts lowered shares of Passage Bio from a “strong-buy” rating to a “hold” rating in a research report on Monday. Canaccord Genuity Group decreased their target price on shares of Passage Bio from $67.00 to $23.00 and set a “buy” rating on the stock in a research report on Wednesday, March 4th. Wedbush restated a “neutral” rating and set a $8.00 target price (down from $32.00) on shares of Passage Bio 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, Wall Street Zen lowered shares of Passage Bio from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $13.25.

Passage Bio Stock Performance

Shares of PASG opened at $6.18 on Tuesday. The stock has a market capitalization of $19.84 million, a P/E ratio of -0.43 and a beta of 1.77. The company’s fifty day moving average is $8.49 and its two-hundred day moving average is $9.53. Passage Bio has a 1 year low of $5.12 and a 1 year high of $20.00.

Passage Bio (NASDAQ:PASG) last announced its quarterly earnings data 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). Sell-side analysts predict that Passage Bio will post -8.44 EPS for the current year.

Institutional Investors Weigh In On Passage Bio

Several institutional investors and hedge funds have recently made changes to their positions in PASG. Nano Cap New Millennium Growth Fund L P purchased a new stake in shares of Passage Bio in the 4th quarter worth about $118,000. Quadrature Capital Ltd purchased a new stake in shares of Passage Bio in the 4th quarter worth about $148,000. Squarepoint Ops LLC purchased a new stake in shares of Passage Bio in the 3rd quarter worth about $188,000. Geode Capital Management LLC boosted its position in shares of Passage Bio by 15.1% in 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 in the last quarter. Finally, Yiheng Capital Management L.P. purchased a new stake in shares of Passage Bio in the 4th quarter worth about $405,000. 53.48% of the stock is currently owned by hedge funds and other institutional investors.

About Passage Bio

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.