Passage Bio (NASDAQ:PASG) Shares Up 6.9%

Passage Bio, Inc. (NASDAQ:PASG)’s stock price shot up 6.9% during trading on Wednesday . The stock traded as high as $11.54 and last traded at $11.45. 3,884 shares were traded during mid-day trading, a decline of 99% from the average session volume of 377,325 shares. The stock had previously closed at $10.71.

Several research firms have recently commented on PASG. Raymond James began coverage on shares of Passage Bio in a report on Wednesday, June 30th. They issued an “outperform” rating and a $29.00 price target for the company. Chardan Capital reissued a “buy” rating on shares of Passage Bio in a research report on Thursday, July 1st. Zacks Investment Research downgraded shares of Passage Bio from a “hold” rating to a “sell” rating in a report on Tuesday, August 10th. Finally, BTIG Research assumed coverage on shares of Passage Bio in a research note on Monday, June 14th. They issued a “buy” rating and a $25.00 target price for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $27.25.

The company has a market cap of $612.34 million, a PE ratio of -3.66 and a beta of 1.53. The company’s 50 day simple moving average is $12.04 and its two-hundred day simple moving average is $14.83.

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

Institutional investors and hedge funds have recently modified their holdings of the company. Rhumbline Advisers lifted its position in shares of Passage Bio by 6.6% during the first quarter. Rhumbline Advisers now owns 29,221 shares of the company’s stock worth $511,000 after purchasing an additional 1,804 shares in the last quarter. Granite Point Capital Management L.P. acquired a new stake in shares of Passage Bio during the first quarter worth about $1,311,000. Bank of New York Mellon Corp raised its holdings in Passage Bio by 49.6% in the first quarter. Bank of New York Mellon Corp now owns 281,032 shares of the company’s stock valued at $4,913,000 after acquiring an additional 93,137 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Passage Bio in the first quarter valued at approximately $34,000. Finally, UBS Group AG raised its holdings in Passage Bio by 2,061.8% in the first quarter. UBS Group AG now owns 41,464 shares of the company’s stock valued at $725,000 after acquiring an additional 39,546 shares in the last quarter. 82.24% of the stock is currently owned by institutional investors and hedge funds.

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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