Passage Bio (NASDAQ:PASG) Shares Down 6.5% – What’s Next?

Passage Bio, Inc. (NASDAQ:PASG)’s share price traded down 6.5% on Monday . The stock traded as low as $4.55 and last traded at $4.62. Approximately 29,524 shares changed hands during trading, a decline of 43% from the average session volume of 52,155 shares. The stock had previously closed at $4.94.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PASG. Wall Street Zen upgraded Passage Bio from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 3rd. Chardan Capital set a $7.00 price target on Passage Bio and gave the stock a “neutral” rating in a research report on Tuesday, April 21st. TD Cowen lowered Passage Bio from a “buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Lucid Cap Mkts lowered Passage Bio from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Finally, Oppenheimer cut their target price on shares of Passage Bio from $30.00 to $15.00 and set an “outperform” rating on the stock in a report on Tuesday, April 21st. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $13.25.

Passage Bio Stock Performance

The company has a market cap of $14.51 million, a P/E ratio of -0.38 and a beta of 1.42. The stock has a 50 day moving average price of $5.18 and a 200 day moving average price of $7.61.

Passage Bio (NASDAQ:PASG) last released its earnings results on Tuesday, May 12th. The company reported ($2.36) EPS for the quarter, beating the consensus estimate of ($2.76) by $0.40. As a group, equities research analysts predict that Passage Bio, Inc. will post -8.62 earnings per share for the current year.

Insider Transactions at Passage Bio

In related news, major shareholder Lynx1 Capital Management Lp bought 50,055 shares of the company’s stock in a transaction dated Thursday, June 25th. The stock was acquired at an average cost of $4.12 per share, with a total value of $206,226.60. Following the acquisition, the insider owned 673,759 shares in the company, valued at approximately $2,775,887.08. This represents a 8.03% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Eversept Partners LP bought a new position in Passage Bio during the 4th quarter worth approximately $1,490,000. Nano Cap New Millennium Growth Fund L P bought a new stake in shares of Passage Bio in the fourth quarter worth about $118,000. Geode Capital Management LLC lifted its stake in Passage Bio by 15.1% in the fourth quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock valued at $371,000 after buying an additional 4,114 shares in the last quarter. Yiheng Capital Management L.P. acquired a new position in Passage Bio in the 4th quarter worth $405,000. Finally, Renaissance Technologies LLC boosted its position 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 buying an additional 8,300 shares during the period. 53.48% of the stock is currently owned by institutional investors and hedge funds.

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.