Passage Bio (NASDAQ:PASG) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Passage Bio (NASDAQ:PASG) from a hold rating to a sell rating in a report released on Saturday morning.

A number of other research analysts have also commented on the stock. Wedbush reiterated a “neutral” rating and set a $8.00 price objective (down from $32.00) on shares of Passage Bio in a research note on Tuesday, April 21st. Lucid Cap Mkts downgraded Passage Bio from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Oppenheimer decreased their price target on Passage Bio from $30.00 to $15.00 and set an “outperform” rating for the company in a research note on Tuesday, April 21st. Chardan Capital set a $7.00 price target on Passage Bio and gave the company a “neutral” rating in a research report on Tuesday, April 21st. Finally, UBS Group downgraded Passage Bio to a “neutral” rating in a research note on Wednesday, June 10th. Two research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $13.25.

Passage Bio Stock Down 1.1%

Shares of PASG opened at $4.54 on Friday. The firm has a market capitalization of $14.61 million, a PE ratio of -0.40 and a beta of 1.44. The firm has a 50-day moving average price of $4.88 and a 200 day moving average price of $6.64. Passage Bio has a 52-week low of $3.29 and a 52-week high of $20.00.

Passage Bio (NASDAQ:PASG) last released its quarterly earnings results on Monday, August 10th. The company reported ($2.44) EPS for the quarter, hitting analysts’ consensus estimates of ($2.44). On average, equities analysts expect that Passage Bio will post -9.19 EPS for the current year.

Insider Buying and Selling

In other Passage Bio news, major shareholder Lynx1 Capital Management Lp bought 50,055 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The stock was acquired at an average cost of $4.12 per share, with a total value of $206,226.60. Following the completion of the purchase, the insider directly owned 673,759 shares in the company, valued at approximately $2,775,887.08. This trade represents a 8.03% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 4.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its holdings in shares of Passage Bio by 15.1% in the fourth quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock valued at $371,000 after buying an additional 4,114 shares in the last quarter. Eversept Partners LP boosted its stake in shares of Passage Bio by 4.2% during the 1st 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. Renaissance Technologies LLC boosted its stake in shares of Passage Bio by 8.2% during the 4th quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock worth $1,287,000 after acquiring an additional 8,300 shares in the last quarter. Nano Cap New Millennium Growth Fund L P acquired a new position in shares of Passage Bio in the 4th quarter worth $118,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Passage Bio in the 4th quarter worth $148,000. Institutional investors and hedge funds 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.