Passage Bio (NASDAQ:PASG) Upgraded to “Sell” at Wall Street Zen

Wall Street Zen upgraded shares of Passage Bio (NASDAQ:PASG) from a strong sell rating to a sell rating in a report released on Sunday.

A number of other brokerages also recently issued reports on PASG. Chardan Capital set a $7.00 price target on Passage Bio and gave the company a “neutral” rating in a report on Tuesday, April 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Passage Bio in a research report on Friday, March 27th. Oppenheimer reduced their price objective on Passage Bio from $30.00 to $15.00 and set an “outperform” rating for the company in a research report on Tuesday, April 21st. TD Cowen cut Passage Bio from a “buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Finally, Lucid Cap Mkts downgraded shares of Passage Bio from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $13.25.

Passage Bio Stock Performance

Shares of NASDAQ PASG opened at $4.97 on Friday. The stock’s 50-day moving average is $8.04 and its 200 day moving average is $9.40. The stock has a market cap of $15.95 million, a price-to-earnings ratio of -0.34 and a beta of 1.38. Passage Bio has a 1-year low of $4.83 and a 1-year high of $20.00.

Passage Bio (NASDAQ:PASG) last announced its quarterly earnings results on Tuesday, March 3rd. The company reported ($4.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.19) by ($1.89). On average, analysts forecast that Passage Bio will post -7.62 EPS for the current fiscal year.

Institutional Investors Weigh In On Passage Bio

Several hedge funds and other institutional investors have recently modified their holdings of PASG. Renaissance Technologies LLC increased its holdings in Passage Bio by 8.2% during the 4th 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 during the period. Yiheng Capital Management L.P. purchased a new position in Passage Bio during the 4th quarter worth $405,000. Geode Capital Management LLC grew its stake in Passage Bio by 15.1% during the 4th quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock worth $371,000 after buying an additional 4,114 shares during the last quarter. Squarepoint Ops LLC purchased a new position in Passage Bio during the 3rd quarter worth $188,000. Finally, Quadrature Capital Ltd purchased a new position in Passage Bio during the 4th quarter worth $148,000. 53.48% of the stock is currently owned by hedge funds and other institutional investors.

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.