Passage Bio (NASDAQ:PASG) Given New $15.00 Price Target at Oppenheimer

Passage Bio (NASDAQ:PASG) had its price target reduced by Oppenheimer from $30.00 to $15.00 in a research note released on Tuesday, MarketBeat.com reports. They currently have an outperform rating on the stock.

Several other equities research analysts have also recently commented on PASG. Lucid Cap Mkts cut shares of Passage Bio from a “strong-buy” rating to a “hold” rating in a research report on Monday. Wall Street Zen cut Passage Bio from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Chardan Capital set a $7.00 price target on Passage Bio and gave the company a “neutral” rating in a research note on Tuesday. Wedbush reaffirmed a “neutral” rating and issued a $8.00 price target (down from $32.00) on shares of Passage Bio in a research note on Tuesday. Finally, Canaccord Genuity Group lowered their price target on 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 analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $13.25.

Passage Bio Price Performance

Shares of NASDAQ:PASG opened at $6.18 on Tuesday. Passage Bio has a one year low of $5.12 and a one year high of $20.00. The company has a 50 day moving average of $8.49 and a 200-day moving average of $9.53. The stock has a market cap of $19.84 million, a price-to-earnings ratio of -0.43 and a beta of 1.77.

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

Institutional Trading of Passage Bio

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Yiheng Capital Management L.P. bought a new stake in shares of Passage Bio in the 4th quarter valued at about $405,000. Quadrature Capital Ltd acquired a new position in shares of Passage Bio in the 4th quarter valued at approximately $148,000. Eversept Partners LP acquired a new position in shares of Passage Bio in the 4th quarter valued at approximately $1,490,000. Renaissance Technologies LLC grew its position in shares of Passage Bio by 8.2% in the 4th quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock valued at $1,287,000 after purchasing an additional 8,300 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Passage Bio by 15.1% in the 4th quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock valued at $371,000 after purchasing an additional 4,114 shares during the period. 53.48% of the stock is owned by institutional investors.

About Passage Bio

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.