Passage Bio (NASDAQ:PASG) Stock Price Down 4.3%

Passage Bio, Inc. (NASDAQ:PASG – Get Rating)’s stock price dropped 4.3% during trading on Monday . The company traded as low as $1.53 and last traded at $1.55. Approximately 102,366 shares changed hands during trading, a decline of 44% from the average daily volume of 183,064 shares. The stock had previously closed at $1.62.

Wall Street Analyst Weigh In

Several research firms recently commented on PASG. Citigroup cut their price objective on shares of Passage Bio from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Friday, November 11th. Canaccord Genuity Group initiated coverage on Passage Bio in a research note on Tuesday, November 8th. They issued a “buy” rating and a $8.00 target price on the stock. Canaccord Genuity Group began coverage on Passage Bio in a research report on Monday, November 7th. They set a “buy” rating for the company. BTIG Research lowered their price objective on shares of Passage Bio to $9.00 in a report on Wednesday, November 16th. Finally, Guggenheim reduced their target price on shares of Passage Bio from $13.00 to $11.00 and set a “buy” rating for the company in a report on Friday, November 11th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $11.33.

Passage Bio Stock Performance

The firm has a fifty day moving average price of $1.37 and a 200 day moving average price of $1.60. The company has a market cap of $84.56 million, a price-to-earnings ratio of -0.52 and a beta of 0.98.

Passage Bio (NASDAQ:PASG – Get Rating) last posted its quarterly earnings results on Thursday, November 10th. The company reported ($0.49) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.75) by $0.26. On average, analysts expect that Passage Bio, Inc. will post -2.49 EPS for the current fiscal year.

Institutional Investors Weigh In On Passage Bio

A number of institutional investors and hedge funds have recently modified their holdings of the company. Occudo Quantitative Strategies LP increased its position in Passage Bio by 28.3% during the second quarter. Occudo Quantitative Strategies LP now owns 56,813 shares of the company’s stock worth $134,000 after buying an additional 12,518 shares during the last quarter. HighTower Advisors LLC increased its holdings in shares of Passage Bio by 44.0% during the 1st quarter. HighTower Advisors LLC now owns 40,577 shares of the company’s stock worth $120,000 after acquiring an additional 12,407 shares during the last quarter. PDT Partners LLC raised its stake in Passage Bio by 87.4% in the 1st quarter. PDT Partners LLC now owns 24,513 shares of the company’s stock valued at $76,000 after acquiring an additional 11,434 shares during the period. Prelude Capital Management LLC lifted its holdings in Passage Bio by 72.1% during the 2nd quarter. Prelude Capital Management LLC now owns 25,130 shares of the company’s stock valued at $59,000 after purchasing an additional 10,530 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in Passage Bio by 89.9% during the third quarter. Tower Research Capital LLC TRC now owns 41,625 shares of the company’s stock worth $52,000 after purchasing an additional 19,706 shares during the period. 76.99% of the stock is owned by institutional investors.

About Passage Bio

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Passage Bio, Inc, a genetic medicines company, develops transformative therapies for central nervous system 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 for infantile GM1; PBFT02, which utilizes an AAV1 capsid to deliver to the brain a functional granulin (GRN) and gene encoding progranulin (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.