Analysts Set Passage Bio, Inc. (NASDAQ:PASG) PT at $42.67

Shares of Passage Bio, Inc. (NASDAQ:PASG) have received a consensus recommendation of “Moderate Buy” from the four ratings firms that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating and three have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $28.00.

Several analysts have commented on PASG shares. Weiss Ratings restated a “sell (d-)” rating on shares of Passage Bio in a report on Monday, December 29th. Canaccord Genuity Group lowered their target price on shares of Passage Bio from $67.00 to $23.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Chardan Capital began coverage on shares of Passage Bio in a research report on Tuesday, February 10th. They set a “buy” rating and a $21.00 price target for the company.

Insider Activity at Passage Bio

In other news, CEO William Chou sold 4,076 shares of the company’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $18.44, for a total transaction of $75,161.44. Following the completion of the sale, the chief executive officer directly owned 6,524 shares in the company, valued at $120,302.56. This represents a 38.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 5.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Passage Bio

A number of institutional investors have recently added to or reduced their stakes in the company. Nano Cap New Millennium Growth Fund L P purchased a new position in shares of Passage Bio in the 4th quarter worth about $118,000. Quadrature Capital Ltd acquired a new stake in Passage Bio during the 4th quarter worth approximately $148,000. Squarepoint Ops LLC purchased a new position in Passage Bio in the third quarter valued at approximately $188,000. Geode Capital Management LLC lifted its position in Passage Bio by 15.1% during the fourth quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock valued at $371,000 after buying an additional 4,114 shares in the last quarter. Finally, Yiheng Capital Management L.P. purchased a new stake in Passage Bio during the fourth quarter worth approximately $405,000. Hedge funds and other institutional investors own 53.48% of the company’s stock.

Passage Bio Stock Performance

Shares of PASG opened at $8.44 on Monday. Passage Bio has a fifty-two week low of $5.12 and a fifty-two week high of $20.00. The company has a market capitalization of $26.84 million, a PE ratio of -0.58 and a beta of 1.75. The stock has a fifty day moving average of $11.55 and a two-hundred day moving average of $9.29.

Passage Bio (NASDAQ:PASG) last posted its quarterly earnings data on Tuesday, March 3rd. The company reported ($4.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.19) by ($1.90). As a group, equities research analysts forecast that Passage Bio will post -1.03 earnings per share for the current fiscal 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.