Passage Bio (NASDAQ:PASG) Reaches New 1-Year Low at $10.46

Passage Bio, Inc. (NASDAQ:PASG)’s stock price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $10.46 and last traded at $10.47, with a volume of 1034 shares changing hands. The stock had previously closed at $11.18.

A number of research analysts have recently issued reports on the company. Raymond James assumed coverage on Passage Bio in a report on Wednesday, June 30th. They set an “outperform” rating and a $29.00 price target on the stock. Zacks Investment Research downgraded Passage Bio from a “hold” rating to a “sell” rating in a research note on Tuesday, August 10th. BTIG Research started coverage on Passage Bio in a research note on Monday, June 14th. They issued a “buy” rating and a $25.00 price objective on the stock. Finally, Chardan Capital reaffirmed a “buy” rating on shares of Passage Bio in a research note on Thursday, July 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $27.25.

The firm has a market cap of $579.35 million, a PE ratio of -3.41 and a beta of 1.53. The firm has a fifty day simple moving average of $12.04 and a two-hundred day simple moving average of $14.83.

Passage Bio (NASDAQ:PASG) last released its quarterly earnings results on Thursday, August 5th. The company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of ($0.73) by ($0.17). On average, sell-side analysts anticipate that Passage Bio, Inc. will post -3.33 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Passage Bio during the 1st quarter valued at $34,000. Ameritas Investment Partners Inc. raised its position in Passage Bio by 39.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,908 shares of the company’s stock valued at $39,000 after purchasing an additional 823 shares in the last quarter. Royal Bank of Canada raised its position in Passage Bio by 310.7% during the 1st quarter. Royal Bank of Canada now owns 2,620 shares of the company’s stock valued at $46,000 after purchasing an additional 1,982 shares in the last quarter. Nisa Investment Advisors LLC bought a new stake in Passage Bio during the 2nd quarter valued at $48,000. Finally, E Fund Management Co. Ltd. bought a new stake in Passage Bio during the 1st quarter valued at $66,000. 82.24% of the stock is owned by hedge funds and other institutional investors.

About Passage Bio (NASDAQ:PASG)

Passage Bio, Inc, a genetic medicines company, develops transformative therapies for rare monogenic central nervous system (CNS) diseases. It develops PBGM01, which utilizes a proprietary, AAVhu68 capsid to deliver to the brain and peripheral tissues a functional GLB1 gene encoding lysosomal acid beta-galactosidase (Ã-gal) for infantile GM1; PBFT02, which utilizes an AAV1 capsid to deliver to the brain a functional granulin, or GRN, gene encoding progranulin, or PGRN, for the treatment of FTD-GRN; and PBKR03, which utilizes a proprietary, AAVhu68 capsid to deliver to the brain and peripheral tissues a functional GALC gene encoding the hydrolytic enzyme galactosylceramidase for infantile Krabbe disease.

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