Passage Bio (NASDAQ:PASG) Price Target Cut to $23.00 by Analysts at Canaccord Genuity Group

Passage Bio (NASDAQ:PASG) had its target price reduced by Canaccord Genuity Group from $67.00 to $23.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

PASG has been the subject of a number of other reports. Chardan Capital started coverage on shares of Passage Bio in a research report on Tuesday, February 10th. They set a “buy” rating and a $21.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Passage Bio in a report on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Passage Bio has an average rating of “Moderate Buy” and a consensus target price of $28.00.

Passage Bio Stock Up 5.5%

PASG stock opened at $8.44 on Wednesday. Passage Bio has a 52-week low of $5.12 and a 52-week high of $20.00. The stock has a market cap of $26.84 million, a price-to-earnings ratio of -0.58 and a beta of 1.75. The business has a fifty day moving average of $11.55 and a two-hundred day moving average of $9.29.

Passage Bio (NASDAQ:PASG) last announced its quarterly earnings results on Tuesday, March 3rd. The company reported ($4.09) EPS for the quarter, missing the consensus estimate of ($2.19) by ($1.90). As a group, sell-side analysts anticipate that Passage Bio will post -1.03 EPS for the current year.

Insider Transactions at Passage Bio

In related news, CEO William Chou sold 4,076 shares of the company’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $18.44, for a total transaction of $75,161.44. Following the sale, the chief executive officer directly owned 6,524 shares in the company, valued at approximately $120,302.56. This represents a 38.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quadrature Capital Ltd purchased a new stake in shares of Passage Bio in the 4th quarter valued at approximately $148,000. Squarepoint Ops LLC acquired a new position in shares of Passage Bio during the third quarter worth $188,000. Geode Capital Management LLC increased its holdings 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 during the last quarter. Renaissance Technologies LLC increased its holdings in Passage Bio by 8.2% in the fourth quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock valued at $1,287,000 after buying an additional 8,300 shares during the last quarter. Finally, Nano Cap New Millennium Growth Fund L P acquired a new stake in Passage Bio in the fourth quarter valued at $118,000. 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.