Brokerages Set Passage Bio, Inc. (NASDAQ:PASG) Target Price at $42.67

Passage Bio, Inc. (NASDAQ:PASG) has been assigned an average rating of “Moderate Buy” from the four ratings firms that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating and three have given a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $42.6667.

PASG has been the subject of several research reports. Wedbush lifted their price objective on Passage Bio to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, August 13th. Canaccord Genuity Group reduced their target price on shares of 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 note on Friday, September 5th. Chardan Capital lifted their target price on Passage Bio to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, November 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Passage Bio in a research report on Tuesday, November 18th.

Insider Activity

In other news, major shareholder Lynx1 Capital Management Lp acquired 19,783 shares of the company’s stock in a transaction dated Friday, September 12th. The shares were bought at an average price of $6.99 per share, with a total value of $138,283.17. Following the purchase, the insider owned 611,804 shares of the company’s stock, valued at approximately $4,276,509.96. This represents a 3.34% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders acquired 32,008 shares of company stock worth $223,726. 4.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Passage Bio

An institutional investor recently raised its position in Passage Bio stock. Simplex Trading LLC boosted its holdings in shares of Passage Bio, Inc. (NASDAQ:PASG) by 9,311.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 82,346 shares of the company’s stock after buying an additional 81,471 shares during the period. Simplex Trading LLC owned approximately 0.13% of Passage Bio worth $29,000 as of its most recent filing with the Securities and Exchange Commission. 53.48% of the stock is currently owned by hedge funds and other institutional investors.

Passage Bio Stock Performance

Shares of NASDAQ:PASG opened at $8.56 on Friday. Passage Bio has a one year low of $5.12 and a one year high of $26.60. The company has a 50-day simple moving average of $7.84 and a 200-day simple moving average of $7.39. The stock has a market capitalization of $27.22 million, a price-to-earnings ratio of -0.59 and a beta of 1.94.

Passage Bio (NASDAQ:PASG) last posted its quarterly earnings data on Monday, November 10th. The company reported ($2.44) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.64) by $0.20. As a group, research analysts forecast that Passage Bio will post -1.03 EPS for the current fiscal year.

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.