Passage Bio (NASDAQ:PASG) Lowered to “Hold” Rating by Lucid Cap Mkts

Passage Bio (NASDAQ:PASG) was downgraded by analysts at Lucid Cap Mkts from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other equities analysts have also recently weighed in on the stock. Wall Street Zen cut shares of Passage Bio from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Canaccord Genuity Group decreased their price objective on shares of Passage Bio from $67.00 to $23.00 and set a “buy” rating for the company in a research report on Wednesday, March 4th. Wedbush began coverage on shares of Passage Bio in a research report on Monday. They issued a “reduce” rating for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Passage Bio in a research report on Friday, March 27th. Finally, Chardan Capital initiated coverage on shares of Passage Bio in a research report on Tuesday, February 10th. They issued a “buy” rating and a $21.00 price objective for the company. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $28.50.

Passage Bio Price Performance

NASDAQ:PASG opened at $6.25 on Monday. The firm has a 50-day moving average of $8.55 and a two-hundred day moving average of $9.55. The stock has a market cap of $20.06 million, a P/E ratio of -0.43 and a beta of 1.77. Passage Bio has a 1-year low of $5.12 and a 1-year high of $20.00.

Passage Bio (NASDAQ:PASG) last posted its quarterly earnings data on Tuesday, March 3rd. The company reported ($4.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.19) by ($1.89). As a group, equities analysts expect that Passage Bio will post -8.44 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PASG. Eversept Partners LP bought a new position in Passage Bio during the 4th quarter valued at $1,490,000. Yiheng Capital Management L.P. bought a new position in Passage Bio during the 4th quarter valued at $405,000. Squarepoint Ops LLC bought a new position in Passage Bio during the 3rd quarter valued at $188,000. Quadrature Capital Ltd bought a new position in Passage Bio during the 4th quarter valued at $148,000. Finally, Nano Cap New Millennium Growth Fund L P bought a new position in Passage Bio during the 4th quarter valued at $118,000. 53.48% of the stock is currently owned by institutional investors.

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.