Passage Bio, Inc. (NASDAQ:PASG) Receives Average Recommendation of “Hold” from Brokerages

Passage Bio, Inc. (NASDAQ:PASG) has earned a consensus rating of “Hold” from the nine analysts that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $13.25.

A number of analysts recently commented on PASG shares. Chardan Capital set a $7.00 price target on Passage Bio and gave the stock a “neutral” rating in a research note on Tuesday, April 21st. Guggenheim cut shares of Passage Bio from a “buy” rating to a “neutral” rating in a report on Wednesday, June 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Passage Bio in a research report on Wednesday, June 24th. Oppenheimer decreased their price objective on shares of Passage Bio from $30.00 to $15.00 and set an “outperform” rating for the company in a report on Tuesday, April 21st. Finally, Lucid Cap Mkts cut shares of Passage Bio from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th.

Passage Bio Price Performance

PASG opened at $4.52 on Thursday. Passage Bio has a one year low of $3.29 and a one year high of $20.00. The business has a 50 day simple moving average of $5.17 and a two-hundred day simple moving average of $7.51. The firm has a market capitalization of $14.51 million, a price-to-earnings ratio of -0.38 and a beta of 1.42.

Passage Bio (NASDAQ:PASG) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($2.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.76) by $0.40. As a group, sell-side analysts expect that Passage Bio will post -8.62 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Lynx1 Capital Management Lp purchased 50,055 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The stock was bought 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 represents a 8.03% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.90% of the stock is owned by corporate insiders.

Institutional Trading of Passage Bio

Several large investors have recently bought and sold shares of the company. Squarepoint Ops LLC purchased a new position in shares of Passage Bio during the 3rd quarter worth approximately $188,000. Nano Cap New Millennium Growth Fund L P purchased a new position in shares of Passage Bio in the 4th quarter valued at approximately $118,000. Geode Capital Management LLC lifted its stake in shares of Passage Bio by 15.1% in the 4th quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock valued at $371,000 after purchasing an additional 4,114 shares during the period. Renaissance Technologies LLC boosted its position in shares of Passage Bio by 8.2% during the fourth quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock valued at $1,287,000 after purchasing an additional 8,300 shares in the last quarter. Finally, Eversept Partners LP purchased a new stake in Passage Bio in the fourth quarter worth $1,490,000. 53.48% of the stock is owned by institutional investors.

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.