Passage Bio (NASDAQ:PASG) Research Coverage Started at Oppenheimer

Oppenheimer initiated coverage on shares of Passage Bio (NASDAQ:PASG) in a research report report published on Tuesday, MarketBeat Ratings reports. The firm issued an outperform rating and a $30.00 price target on the stock.

PASG has been the subject of a number of other research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Passage Bio in a report on Friday, March 27th. Canaccord Genuity Group cut their price target on 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 initiated coverage on Passage Bio in a research note on Tuesday, February 10th. They set a “buy” rating and a $21.00 price objective for the company. Finally, Wall Street Zen downgraded Passage Bio from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Passage Bio currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.50.

Passage Bio Stock Performance

NASDAQ:PASG opened at $8.08 on Tuesday. The firm has a 50-day simple moving average of $8.82 and a 200-day simple moving average of $9.33. Passage Bio has a one year low of $5.12 and a one year high of $20.00. The firm has a market cap of $25.94 million, a P/E ratio of -0.56 and a beta of 1.77.

Passage Bio (NASDAQ:PASG) last released 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). On average, research analysts predict that Passage Bio will post -1.03 EPS for the current fiscal year.

Insider Buying and Selling

In other Passage Bio news, CEO William Chou sold 4,076 shares of the firm’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 value of $75,161.44. Following the completion of the sale, the chief executive officer directly owned 6,524 shares in the company, valued at $120,302.56. This trade represents a 38.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.00% of the stock is owned by insiders.

Institutional Trading of Passage Bio

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC boosted its position in shares of Passage Bio by 8.2% in the 4th 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. Yiheng Capital Management L.P. acquired a new position in Passage Bio during the 4th quarter valued at about $405,000. Quadrature Capital Ltd acquired a new position in Passage Bio during the 4th quarter valued at about $148,000. Geode Capital Management LLC raised 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 during the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in Passage Bio in the third quarter valued at about $188,000. Hedge funds and other institutional investors own 53.48% of the company’s stock.

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.