Passage Bio (NASDAQ:PASG) Rating Lowered to Hold at Lucid Cap Mkts

Passage Bio (NASDAQ:PASG) was downgraded by investment analysts at Lucid Cap Mkts from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

Several other analysts have also weighed in on the company. Wedbush started coverage on Passage Bio in a report on Monday. They issued a “reduce” rating for the company. Canaccord Genuity Group reduced their target price on Passage Bio from $67.00 to $23.00 and set a “buy” rating on the stock in a report on Wednesday, March 4th. Oppenheimer initiated coverage on Passage Bio in a research report on Tuesday, March 31st. They issued an “outperform” rating and a $30.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Passage Bio in a report on Friday, March 27th. Finally, Chardan Capital assumed coverage on Passage Bio in a research report on Tuesday, February 10th. They set a “buy” rating and a $21.00 price target on the stock. Two investment 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, Passage Bio has a consensus rating of “Hold” and an average price target of $13.25.

Passage Bio Price Performance

NASDAQ PASG opened at $6.18 on Monday. The company has a market capitalization of $19.84 million, a price-to-earnings ratio of -0.43 and a beta of 1.77. Passage Bio has a 12 month low of $5.12 and a 12 month high of $20.00. The company’s fifty day moving average price is $8.49 and its two-hundred day moving average price is $9.53.

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

Institutional Investors Weigh In On Passage Bio

Hedge funds have recently added to or reduced their stakes in the stock. Nano Cap New Millennium Growth Fund L P bought a new position in shares of Passage Bio during the fourth quarter worth about $118,000. Quadrature Capital Ltd bought a new stake in Passage Bio in the 4th quarter valued at about $148,000. Squarepoint Ops LLC acquired a new position in Passage Bio during the 3rd quarter valued at about $188,000. 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 purchasing an additional 4,114 shares during the period. Finally, Yiheng Capital Management L.P. bought a new position in Passage Bio in the 4th quarter worth about $405,000. 53.48% of the stock is currently 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.