Passage Bio (NASDAQ:PASG) Shares Down 6.5% – Here’s Why

Shares of Passage Bio, Inc. (NASDAQ:PASG) were down 6.5% during mid-day trading on Monday . The company traded as low as $4.55 and last traded at $4.62. 29,524 shares were traded during trading, a decline of 43% from the average session volume of 52,155 shares. The stock had previously closed at $4.94.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Wedbush reaffirmed a “neutral” rating and issued a $8.00 price target (down from $32.00) on shares of Passage Bio in a research report on Tuesday, April 21st. TD Cowen cut Passage Bio from a “buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Wall Street Zen upgraded Passage Bio from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 3rd. UBS Group lowered Passage Bio to a “neutral” rating in a report on Wednesday, June 10th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Passage Bio in a research report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $13.25.

Passage Bio Stock Performance

The company’s 50 day moving average is $5.19 and its 200 day moving average is $7.71. The stock has a market capitalization of $14.82 million, a price-to-earnings ratio of -0.39 and a beta of 1.42.

Passage Bio (NASDAQ:PASG) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($2.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.76) by $0.40. On average, equities research analysts anticipate that Passage Bio, Inc. will post -8.62 earnings per share for the current fiscal year.

Insider Buying and Selling at Passage Bio

In related news, major shareholder Lynx1 Capital Management Lp bought 50,055 shares of Passage Bio stock in a transaction that occurred on Thursday, June 25th. The stock was acquired at an average price of $4.12 per share, for a total transaction of $206,226.60. Following the completion of the purchase, the insider owned 673,759 shares in the company, valued at approximately $2,775,887.08. This represents a 8.03% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 4.90% of the company’s stock.

Institutional Investors Weigh In On Passage Bio

A number of institutional investors have recently added to or reduced their stakes in the company. Eversept Partners LP bought a new position in shares of Passage Bio during the 4th quarter worth about $1,490,000. Yiheng Capital Management L.P. bought a new stake in Passage Bio in the fourth quarter valued at about $405,000. Renaissance Technologies LLC increased its stake in Passage Bio by 22.5% in the first quarter. Renaissance Technologies LLC now owns 133,612 shares of the company’s stock valued at $1,049,000 after acquiring an additional 24,523 shares during the period. Squarepoint Ops LLC bought a new stake in Passage Bio in the third quarter valued at about $188,000. Finally, Quadrature Capital Ltd acquired a new position in Passage Bio in the fourth quarter worth about $148,000. 53.48% of the stock is owned by institutional investors and hedge funds.

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.