Analysts Set Passage Bio, Inc. (NASDAQ:PASG) PT at $28.00

Shares of Passage Bio, Inc. (NASDAQ:PASG) have been given a consensus rating of “Moderate Buy” by the five ratings firms that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $28.50.

Several research firms recently weighed in on PASG. Wall Street Zen downgraded Passage Bio from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Canaccord Genuity Group dropped their target price on shares of 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 began coverage on shares of Passage Bio in a research report on Tuesday, February 10th. They set a “buy” rating and a $21.00 target price on the stock. Oppenheimer initiated coverage on shares of Passage Bio in a report on Tuesday. They issued an “outperform” rating and a $30.00 price target for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Passage Bio in a research note on Friday, March 27th.

Insiders Place Their Bets

In other Passage Bio news, CEO William Chou sold 4,076 shares of the company’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $18.44, for a total transaction of $75,161.44. Following the completion of the sale, the chief executive officer owned 6,524 shares in the company, valued at $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 available at the SEC website. 5.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Renaissance Technologies LLC grew 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 buying an additional 8,300 shares during the last quarter. Yiheng Capital Management L.P. acquired a new position in shares of Passage Bio during the fourth quarter worth $405,000. Geode Capital Management LLC increased its position 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 worth $371,000 after purchasing an additional 4,114 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Passage Bio during the 3rd quarter valued at $188,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of Passage Bio in the 4th quarter worth $148,000. 53.48% of the stock is owned by institutional investors.

Passage Bio Stock Performance

Shares of NASDAQ PASG opened at $8.08 on Friday. The firm has a market capitalization of $25.94 million, a price-to-earnings ratio of -0.56 and a beta of 1.77. The stock has a 50 day moving average price of $8.82 and a 200 day moving average price of $9.33. Passage Bio has a 52-week low of $5.12 and a 52-week high of $20.00.

Passage Bio (NASDAQ:PASG) last released its quarterly earnings data on Tuesday, March 3rd. The company reported ($4.08) EPS for the quarter, missing the consensus estimate of ($2.19) by ($1.89). Analysts forecast that Passage Bio will post -1.03 earnings per share for the current year.

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.