Passage Bio (NASDAQ:PASG) Earns Buy Rating from Analysts at Chardan Capital

Chardan Capital assumed coverage on shares of Passage Bio (NASDAQ:PASG) in a research note released on Tuesday. The firm issued a buy rating and a $21.00 price objective on the stock.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Passage Bio in a research report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.67.

Passage Bio Stock Performance

Shares of PASG stock opened at $8.73 on Tuesday. The company has a market capitalization of $27.76 million, a P/E ratio of -0.61 and a beta of 1.72. Passage Bio has a fifty-two week low of $5.12 and a fifty-two week high of $20.00. The stock has a 50 day moving average price of $11.86 and a two-hundred day moving average price of $9.02.

Passage Bio (NASDAQ:PASG) last issued its earnings results on Monday, November 10th. The company reported ($2.44) EPS for the quarter, topping the consensus estimate of ($2.64) by $0.20. As a group, equities analysts predict that Passage Bio will post -1.03 earnings per share for the current year.

Insider Transactions at Passage Bio

In other Passage Bio news, CEO William Chou sold 4,076 shares of the firm’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $18.44, for a total value of $75,161.44. Following the completion of the sale, the chief executive officer directly owned 6,524 shares in the company, valued at $120,302.56. This trade represents a 38.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 5.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PASG. 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. Squarepoint Ops LLC bought a new position in Passage Bio in the third quarter worth $188,000. Geode Capital Management LLC lifted its position 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 buying an additional 4,114 shares during the period. Finally, Renaissance Technologies LLC lifted its position in 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 buying an additional 8,300 shares during the period. Hedge funds and other 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.