Passage Bio, Inc. (NASDAQ:PASG) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Passage Bio, Inc. (NASDAQ:PASG) have earned an average recommendation of “Hold” from the seven ratings firms that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $13.25.

A number of equities analysts recently commented on PASG shares. Oppenheimer lowered their target price on shares of Passage Bio from $30.00 to $15.00 and set an “outperform” rating for the company in a research note on Tuesday, April 21st. Wall Street Zen upgraded shares of Passage Bio from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 3rd. 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. Chardan Capital set a $7.00 price objective on shares of Passage Bio and gave the company a “neutral” rating in a research note on Tuesday, April 21st. Finally, TD Cowen downgraded shares of Passage Bio from a “buy” rating to a “hold” rating in a research note on Tuesday, April 21st.

Hedge Funds Weigh In On Passage Bio

Several large investors have recently bought and sold shares of the stock. Renaissance Technologies LLC boosted its stake in Passage Bio by 22.5% in the first quarter. Renaissance Technologies LLC now owns 133,612 shares of the company’s stock valued at $1,049,000 after acquiring an additional 24,523 shares in the last quarter. Eversept Partners LP boosted its stake in Passage Bio by 4.2% in the first quarter. Eversept Partners LP now owns 131,581 shares of the company’s stock valued at $1,033,000 after acquiring an additional 5,351 shares in the last quarter. Yiheng Capital Management L.P. acquired a new position in Passage Bio in the fourth quarter valued at $405,000. Geode Capital Management LLC boosted its stake in Passage Bio by 15.1% in the fourth quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock valued at $371,000 after acquiring an additional 4,114 shares in the last quarter. Finally, Squarepoint Ops LLC acquired a new position in Passage Bio in the third quarter valued at $188,000. Institutional investors and hedge funds own 53.48% of the company’s stock.

Passage Bio Trading Up 2.4%

Shares of PASG stock opened at $5.20 on Friday. The firm has a fifty day moving average price of $7.11 and a 200 day moving average price of $9.14. The company has a market cap of $16.69 million, a P/E ratio of -0.44 and a beta of 1.38. Passage Bio has a 12 month low of $3.93 and a 12 month high of $20.00.

Passage Bio (NASDAQ:PASG) last issued its earnings results on Tuesday, May 12th. The company reported ($2.36) EPS for the quarter, topping analysts’ consensus estimates of ($2.76) by $0.40. On average, equities analysts forecast that Passage Bio will post -8.62 EPS for the current year.

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.