Passage Bio, Inc. (NASDAQ:PASG) Given Average Recommendation of “Hold” by Brokerages

Shares of Passage Bio, Inc. (NASDAQ:PASG) have been given a consensus recommendation of “Hold” by the nine brokerages that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, six have given a hold recommendation and two have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $13.25.

PASG has been the subject of several recent research reports. UBS Group cut Passage Bio to a “neutral” rating in a research report on Wednesday, June 10th. Wedbush reaffirmed a “neutral” rating and set a $8.00 target price (down from $32.00) on shares of Passage Bio in a report on Tuesday, April 21st. Chardan Capital set a $7.00 price objective on shares of Passage Bio and gave the company a “neutral” rating in a research note on Tuesday, April 21st. Guggenheim cut shares of Passage Bio from a “buy” rating to a “neutral” rating in a research note on Wednesday, June 10th. Finally, Wall Street Zen upgraded shares of Passage Bio from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 3rd.

Passage Bio Stock Down 1.1%

NASDAQ PASG opened at $4.52 on Thursday. The firm has a market cap of $14.51 million, a P/E ratio of -0.38 and a beta of 1.42. The company’s 50 day moving average is $5.17 and its 200-day moving average is $7.51. Passage Bio has a 12-month low of $3.29 and a 12-month high of $20.00.

Passage Bio (NASDAQ:PASG) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($2.36) EPS for the quarter, topping the consensus estimate of ($2.76) by $0.40. Equities analysts expect that Passage Bio will post -8.62 EPS for the current year.

Insider Activity

In other Passage Bio news, major shareholder Lynx1 Capital Management Lp purchased 50,055 shares of the stock in a transaction on 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 completion of the purchase, the insider directly owned 673,759 shares of the company’s stock, valued at approximately $2,775,887.08. This trade represents a 8.03% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 4.90% of the company’s stock.

Institutional Trading of Passage Bio

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Eversept Partners LP grew its holdings in shares of Passage Bio by 4.2% in the first quarter. Eversept Partners LP now owns 131,581 shares of the company’s stock worth $1,033,000 after purchasing an additional 5,351 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Passage Bio by 22.5% during the 1st quarter. Renaissance Technologies LLC now owns 133,612 shares of the company’s stock valued at $1,049,000 after buying an additional 24,523 shares during the last quarter. Yiheng Capital Management L.P. bought a new stake in Passage Bio during the 4th quarter valued at $405,000. Quadrature Capital Ltd purchased a new stake in Passage Bio during the 4th quarter valued at $148,000. Finally, Geode Capital Management LLC boosted its position in Passage Bio by 15.1% during the 4th 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 period. 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.