Passage Bio, Inc. (NASDAQ:PASG) Given Average Recommendation of “Hold” by Brokerages

Shares of Passage Bio, Inc. (NASDAQ:PASG) have received a consensus rating of “Hold” from the nine analysts that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $13.25.

A number of equities research analysts have recently commented on the stock. UBS Group cut shares of Passage Bio to a “neutral” rating in a research note on Wednesday, June 10th. Guggenheim downgraded shares of Passage Bio from a “buy” rating to a “neutral” rating in a report on Wednesday, June 10th. Weiss Ratings lowered shares of Passage Bio from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 6th. Finally, Wall Street Zen cut shares of Passage Bio from a “hold” rating to a “sell” rating in a report on Saturday, August 15th.

Passage Bio Price Performance

Shares of PASG opened at $4.44 on Monday. Passage Bio has a 52 week low of $3.29 and a 52 week high of $20.00. The company has a market capitalization of $14.29 million, a price-to-earnings ratio of -0.39 and a beta of 1.44. The stock’s 50-day moving average price is $4.80 and its 200-day moving average price is $6.45.

Passage Bio (NASDAQ:PASG) last posted its earnings results on Monday, August 10th. The company reported ($2.44) EPS for the quarter, hitting the consensus estimate of ($2.44). As a group, equities analysts anticipate that Passage Bio will post -9.19 EPS for the current fiscal year.

Insider Activity

In other Passage Bio news, major shareholder Lynx1 Capital Management Lp bought 50,055 shares of the company’s stock in a transaction dated Thursday, June 25th. The shares were purchased at an average cost of $4.12 per share, for a total transaction of $206,226.60. Following the transaction, the insider directly owned 673,759 shares of the company’s stock, valued at approximately $2,775,887.08. The trade was a 8.03% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 4.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Passage Bio

Large investors have recently bought and sold shares of the business. Eversept Partners LP acquired a new position in shares of Passage Bio during the 4th quarter worth approximately $1,490,000. Nano Cap New Millennium Growth Fund L P purchased a new position in shares of Passage Bio during the 4th quarter valued at approximately $118,000. Yiheng Capital Management L.P. acquired a new stake in Passage Bio in the 4th quarter valued at $405,000. Renaissance Technologies LLC grew its stake in Passage Bio by 8.2% in the 4th quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock valued at $1,287,000 after acquiring an additional 8,300 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Passage Bio by 15.1% in the 4th quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock worth $371,000 after acquiring an additional 4,114 shares in the last quarter. Institutional investors and hedge funds own 53.48% of the company’s stock.

About Passage Bio

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.