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.
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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