Analysts Set Passage Bio, Inc. (NASDAQ:PASG) PT at $13.25

Shares of Passage Bio, Inc. (NASDAQ:PASG) have received an average recommendation of “Hold” from the nine research firms that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, six have given a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $13.25.

Several equities analysts have commented on the stock. Guggenheim downgraded shares of Passage Bio from a “buy” rating to a “neutral” rating in a research report on Wednesday, June 10th. UBS Group cut Passage Bio to a “neutral” rating in a research report on Wednesday, June 10th. Weiss Ratings downgraded Passage Bio from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, August 6th. Finally, Wall Street Zen lowered Passage Bio from a “hold” rating to a “sell” rating in a report on Saturday, August 15th.

Passage Bio Price Performance

NASDAQ PASG opened at $4.52 on Monday. The stock has a market capitalization of $14.55 million, a PE ratio of -0.40 and a beta of 1.44. Passage Bio has a 12-month low of $3.29 and a 12-month high of $20.00. The company has a 50 day moving average price of $4.70 and a two-hundred day moving average price of $6.26.

Passage Bio (NASDAQ:PASG) last announced its quarterly earnings results on Monday, August 10th. The company reported ($2.44) EPS for the quarter, hitting the consensus estimate of ($2.44). As a group, equities analysts anticipate that Passage Bio will post -9.19 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Passage Bio

Institutional investors have recently modified their holdings of the company. Eversept Partners LP boosted its holdings 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 buying an additional 5,351 shares during the period. Renaissance Technologies LLC raised its holdings in Passage Bio by 22.5% in the 1st quarter. Renaissance Technologies LLC now owns 133,612 shares of the company’s stock worth $1,049,000 after acquiring an additional 24,523 shares during the period. Yiheng Capital Management L.P. acquired a new position in Passage Bio during the 4th quarter worth $405,000. Quadrature Capital Ltd acquired a new position in Passage Bio during the 4th quarter worth $148,000. Finally, Geode Capital Management LLC boosted its holdings in Passage Bio by 15.1% during the fourth quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock valued at $371,000 after acquiring an additional 4,114 shares during the period. Institutional investors own 53.48% of the company’s stock.

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.