Canaccord Genuity Group Cuts Passage Bio (NASDAQ:PASG) Price Target to $23.00

Passage Bio (NASDAQ:PASG) had its price target lowered by Canaccord Genuity Group from $67.00 to $23.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts also recently commented on the company. Chardan Capital assumed coverage on Passage Bio in a report on Tuesday, February 10th. They set a “buy” rating and a $21.00 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Passage Bio in a 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, the company currently has an average rating of “Moderate Buy” and a consensus price target of $28.00.

Passage Bio Stock Up 3.4%

Shares of Passage Bio stock opened at $8.40 on Wednesday. The stock’s fifty day moving average is $11.44 and its two-hundred day moving average is $9.29. Passage Bio has a 52 week low of $5.12 and a 52 week high of $20.00. The company has a market capitalization of $26.96 million, a PE ratio of -0.58 and a beta of 1.75.

Passage Bio (NASDAQ:PASG) last issued its earnings results on Tuesday, March 3rd. The company reported ($4.09) EPS for the quarter, missing analysts’ consensus estimates of ($2.19) by ($1.90). As a group, research analysts anticipate that Passage Bio will post -1.03 earnings per share for the current year.

Insider Transactions at Passage Bio

In related news, CEO William Chou sold 4,076 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer owned 6,524 shares of the company’s stock, valued at $120,302.56. The trade was a 38.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 5.00% of the stock is currently owned by insiders.

Institutional Trading of Passage Bio

Several hedge funds and other institutional investors have recently bought and sold shares of PASG. Geode Capital Management LLC raised its holdings in Passage Bio by 15.1% in the fourth quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock worth $371,000 after purchasing an additional 4,114 shares in the last quarter. Renaissance Technologies LLC increased 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 worth $1,287,000 after purchasing 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 during the fourth quarter worth $118,000. Quadrature Capital Ltd purchased a new stake in shares of Passage Bio during the 4th quarter valued at $148,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Passage Bio in the 3rd quarter worth $188,000. 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.