Passage Bio (NASDAQ:PASG) Given Neutral Rating at Wedbush

Wedbush reiterated their neutral rating on shares of Passage Bio (NASDAQ:PASG) in a report published on Tuesday, MarketBeat.com reports. Wedbush currently has a $8.00 price target on the stock, down from their prior price target of $32.00.

Several other equities research analysts have also recently weighed in on the stock. Lucid Cap Mkts cut shares of Passage Bio from a “strong-buy” rating to a “hold” rating in a research note on Monday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Passage Bio in a research note on Friday, March 27th. Oppenheimer initiated coverage on shares of Passage Bio in a research note on Tuesday, March 31st. They issued an “outperform” rating and a $30.00 target price for the company. Wall Street Zen cut shares of Passage Bio from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Finally, Canaccord Genuity Group reduced their target price on shares of Passage Bio from $67.00 to $23.00 and set a “buy” rating for the company in a research note on Wednesday, March 4th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $13.25.

Passage Bio Stock Performance

Shares of NASDAQ:PASG opened at $6.18 on Tuesday. The company has a market cap of $19.84 million, a P/E ratio of -0.43 and a beta of 1.77. The stock’s 50-day moving average is $8.49 and its 200-day moving average is $9.53. Passage Bio has a 52-week low of $5.12 and a 52-week high of $20.00.

Passage Bio (NASDAQ:PASG) last issued its quarterly earnings results on Tuesday, March 3rd. The company reported ($4.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.19) by ($1.89). As a group, equities analysts predict that Passage Bio will post -8.44 EPS for the current year.

Institutional Inflows and Outflows

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

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.