Passage Bio (NASDAQ:PASG) Trading Up 1.8% – Time to Buy?

Passage Bio, Inc. (NASDAQ:PASG)’s stock price was up 1.8% during trading on Monday . The stock traded as high as $8.50 and last traded at $8.14. Approximately 30,940 shares traded hands during trading, a decline of 13% from the average daily volume of 35,617 shares. The stock had previously closed at $8.00.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PASG. Canaccord Genuity Group lowered their price target on Passage Bio from $260.00 to $67.00 and set a “buy” rating on the stock in a report on Thursday, August 14th. Wall Street Zen upgraded Passage Bio to a “hold” rating in a research report on Friday, September 5th. Chardan Capital restated a “buy” rating and issued a $120.00 price target on shares of Passage Bio in a research report on Tuesday, June 24th. Finally, Wedbush lifted their price target on Passage Bio to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 13th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Passage Bio presently has an average rating of “Buy” and an average target price of $75.67.

Passage Bio Stock Performance

The company has a market capitalization of $25.89 million, a PE ratio of -0.45 and a beta of 1.82. The stock’s fifty day simple moving average is $6.87 and its 200-day simple moving average is $7.28.

Passage Bio (NASDAQ:PASG) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($2.96) EPS for the quarter, topping analysts’ consensus estimates of ($4.00) by $1.04. On average, equities analysts anticipate that Passage Bio, Inc. will post -1.03 EPS for the current year.

Insider Buying and Selling at Passage Bio

In other Passage Bio news, major shareholder Lynx1 Capital Management Lp acquired 66,423 shares of the firm’s stock in a transaction dated Thursday, July 24th. The shares were acquired at an average price of $5.71 per share, for a total transaction of $379,275.33. Following the completion of the acquisition, the insider directly owned 591,696 shares of the company’s stock, valued at $3,378,584.16. This trade represents a 12.65% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders acquired 160,856 shares of company stock worth $957,384. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Passage Bio

A number of hedge funds have recently made changes to their positions in the stock. Northern Trust Corp grew its holdings in shares of Passage Bio by 55.1% during the 4th quarter. Northern Trust Corp now owns 62,476 shares of the company’s stock worth $35,000 after purchasing an additional 22,195 shares during the period. Jane Street Group LLC lifted its position in Passage Bio by 537.2% during the fourth quarter. Jane Street Group LLC now owns 78,190 shares of the company’s stock valued at $44,000 after buying an additional 65,919 shares in the last quarter. Squarepoint Ops LLC grew its stake in Passage Bio by 129.5% during the fourth quarter. Squarepoint Ops LLC now owns 64,099 shares of the company’s stock worth $36,000 after buying an additional 36,172 shares during the period. Finally, Simplex Trading LLC grew its stake in Passage Bio by 9,311.0% during the first quarter. Simplex Trading LLC now owns 82,346 shares of the company’s stock worth $29,000 after buying an additional 81,471 shares during the period. Institutional investors and hedge funds own 53.48% of the company’s stock.

About Passage Bio

Passage Bio, Inc, a genetic medicines company, develops gene therapies for central nervous system diseases. It develops PBGM01, a functional GLB1 gene encoding ß-galactosidase for infantile GM1; PBFT02, a functional granulin (GRN) and gene encoding progranulin (PGRN) for the treatment of FTD caused by progranulin deficiency; and PBKR03, a functional GALC gene encoding the hydrolytic enzyme galactosylceramidase for infantile Krabbe disease.