Passage Bio, Inc. (NASDAQ:PASG) Receives $28.00 Average Price Target from Brokerages

Passage Bio, Inc. (NASDAQ:PASG) has received a consensus recommendation of “Moderate Buy” from the four ratings firms that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating and three have given a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $28.00.

PASG has been the subject of a number of recent analyst reports. Canaccord Genuity Group lowered their price target on shares of Passage Bio from $67.00 to $23.00 and set a “buy” rating for the company in a report on Wednesday, March 4th. Chardan Capital assumed coverage on shares of Passage Bio in a research report on Tuesday, February 10th. They issued a “buy” rating and a $21.00 price objective for the company. Wall Street Zen downgraded Passage Bio from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Passage Bio in a research report on Monday, December 29th.

Passage Bio Price Performance

NASDAQ PASG opened at $6.38 on Friday. Passage Bio has a fifty-two week low of $5.12 and a fifty-two week high of $20.00. The business has a 50 day moving average price of $9.24 and a two-hundred day moving average price of $9.35. The stock has a market cap of $20.47 million, a PE ratio of -0.44 and a beta of 1.75.

Passage Bio (NASDAQ:PASG) last posted its quarterly earnings data on Tuesday, March 3rd. The company reported ($4.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.19) by ($1.89). Sell-side analysts anticipate that Passage Bio will post -1.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other Passage Bio news, CEO William Chou sold 4,076 shares of the firm’s stock in a transaction that occurred 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 owned 6,524 shares in the company, valued at $120,302.56. This trade represents a 38.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Passage Bio

Several institutional investors and hedge funds have recently made changes to their positions in PASG. Yiheng Capital Management L.P. acquired a new stake in shares of Passage Bio during the fourth quarter worth approximately $405,000. Quadrature Capital Ltd acquired a new stake in Passage Bio in the fourth quarter valued at $148,000. Eversept Partners LP acquired a new stake in Passage Bio in the fourth quarter valued at $1,490,000. Renaissance Technologies LLC boosted its stake in Passage Bio by 8.2% during the 4th quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock valued at $1,287,000 after acquiring an additional 8,300 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Passage Bio by 15.1% during the 4th 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 during the last quarter. 53.48% of the stock is currently owned by hedge funds and other institutional investors.

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.