Passage Bio’s (PASG) Neutral Rating Reaffirmed at Wedbush

Passage Bio (NASDAQ:PASG)‘s stock had its “neutral” rating restated by analysts at Wedbush in a note issued to investors on Tuesday, Marketbeat.com reports. They presently have a $8.00 price objective on the stock. Wedbush’s target price indicates a potential upside of 28.00% from the stock’s current price.

PASG has been the topic of a number of other reports. Chardan Capital set a $7.00 price target on Passage Bio and gave the company a “neutral” rating in a report on Tuesday. Canaccord Genuity Group lowered their price target on Passage Bio from $67.00 to $23.00 and set a “buy” rating on the stock in a report on Wednesday, March 4th. Oppenheimer initiated coverage on Passage Bio in a report on Tuesday, March 31st. They set an “outperform” rating and a $30.00 price target on the stock. Lucid Cap Mkts lowered Passage Bio from a “strong-buy” rating to a “hold” rating in a report on Monday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Passage Bio in a report on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $17.00.

Passage Bio Stock Performance

Shares of PASG opened at $6.25 on Tuesday. The firm has a market capitalization of $20.06 million, a price-to-earnings ratio of -0.43 and a beta of 1.77. Passage Bio has a one year low of $5.12 and a one year high of $20.00. The stock’s fifty day moving average is $8.55 and its 200-day moving average is $9.55.

Passage Bio (NASDAQ:PASG) last issued its quarterly earnings results on Tuesday, March 3rd. The company reported ($4.08) EPS for the quarter, missing analysts’ consensus estimates of ($2.19) by ($1.89). Analysts forecast that Passage Bio will post -8.44 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Nano Cap New Millennium Growth Fund L P acquired a new position in Passage Bio during the fourth quarter worth about $118,000. Quadrature Capital Ltd acquired a new position in Passage Bio during the fourth quarter worth about $148,000. Squarepoint Ops LLC acquired a new position in Passage Bio during the third quarter worth about $188,000. Geode Capital Management LLC grew its holdings in Passage Bio by 15.1% during the fourth 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 during the period. Finally, Yiheng Capital Management L.P. acquired a new position in Passage Bio during the fourth quarter worth about $405,000. 53.48% of the stock is owned by institutional investors and hedge funds.

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.