Passage Bio (NASDAQ:PASG) Shares Up 2.6% – Still a Buy?

Passage Bio, Inc. (NASDAQ:PASG) shares rose 2.6% during trading on Monday . The stock traded as high as $10.48 and last traded at $10.05. Approximately 82,480 shares changed hands during trading, an increase of 83% from the average daily volume of 45,025 shares. The stock had previously closed at $9.80.

Analyst Upgrades and Downgrades

PASG has been the subject of a number of research analyst reports. Chardan Capital lifted their target price on Passage Bio to $21.00 and gave the company a “buy” rating in a research report on Wednesday, November 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Passage Bio in a research note on Monday. Finally, Wall Street Zen upgraded Passage Bio to a “hold” rating in a report on Friday, September 5th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $42.67.

Passage Bio Price Performance

The stock has a fifty day moving average price of $8.36 and a 200-day moving average price of $7.69.

Passage Bio (NASDAQ:PASG) last issued its quarterly earnings data on Monday, November 10th. The company reported ($2.44) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.64) by $0.20. As a group, sell-side analysts anticipate that Passage Bio, Inc. will post -1.03 earnings per share for the current fiscal year.

Institutional Trading of Passage Bio

A hedge fund recently raised its stake in Passage Bio stock. Simplex Trading LLC lifted its position in Passage Bio, Inc. (NASDAQ:PASG) by 9,311.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 82,346 shares of the company’s stock after buying an additional 81,471 shares during the period. Simplex Trading LLC owned approximately 0.13% of Passage Bio worth $29,000 as of its most recent SEC filing. 53.48% of the stock is currently owned by institutional investors and hedge funds.

About Passage Bio

Passage Bio, Inc, a genetic medicines company, develops gene therapies for central nervous system diseases. It develops PBGM01, a functional GLB1 gene encoding ß-galactosidase for infantile GM1; PBFT02, a functional granulin (GRN) and gene encoding progranulin (PGRN) for the treatment of FTD caused by progranulin deficiency; and PBKR03, a functional GALC gene encoding the hydrolytic enzyme galactosylceramidase for infantile Krabbe disease.