Wall Street Zen Downgrades Passage Bio (NASDAQ:PASG) to Sell

Passage Bio (NASDAQ:PASG) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

A number of other research firms have also issued reports on PASG. TD Cowen lowered Passage Bio from a “buy” rating to a “hold” rating in a report on Tuesday, April 21st. UBS Group downgraded shares of Passage Bio to a “neutral” rating in a report on Wednesday, June 10th. Oppenheimer reduced their price objective on shares of Passage Bio from $30.00 to $15.00 and set an “outperform” rating for the company in a research report 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, Weiss Ratings downgraded shares of Passage Bio from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 6th. Two investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $13.25.

Passage Bio Stock Performance

Shares of NASDAQ PASG opened at $4.59 on Friday. The stock has a fifty day moving average price of $4.90 and a two-hundred day moving average price of $6.70. The firm has a market cap of $14.78 million, a P/E ratio of -0.41 and a beta of 1.44. Passage Bio has a 1 year low of $3.29 and a 1 year high of $20.00.

Passage Bio (NASDAQ:PASG) last issued its quarterly earnings results on Monday, August 10th. The company reported ($2.44) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($2.44). On average, research analysts predict that Passage Bio will post -9.19 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Lynx1 Capital Management Lp bought 50,055 shares of the business’s stock in a transaction dated Thursday, June 25th. The shares were bought at an average cost of $4.12 per share, with a total value of $206,226.60. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 4.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Passage Bio

A number of institutional investors have recently bought and sold shares of PASG. 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 worth $1,049,000 after buying an additional 24,523 shares during the period. Eversept Partners LP increased its position 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 acquiring an additional 5,351 shares in the last quarter. Yiheng Capital Management L.P. purchased a new position in shares of Passage Bio in the fourth quarter worth approximately $405,000. Geode Capital Management LLC raised its holdings in shares of Passage Bio by 15.1% during the fourth quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock valued at $371,000 after acquiring an additional 4,114 shares during the period. Finally, Squarepoint Ops LLC acquired a new stake in shares of Passage Bio during the third quarter valued at approximately $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.