Passage Bio (NASDAQ:PASG) Rating Lowered to Hold at Chardan Capital

Passage Bio (NASDAQ:PASG) was downgraded by Chardan Capital from a “strong-buy” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

A number of other equities research analysts also recently commented on PASG. TD Cowen downgraded Passage Bio from a “buy” rating to a “hold” rating in a report on Tuesday. Lucid Cap Mkts downgraded Passage Bio from a “strong-buy” rating to a “hold” rating in a report on Monday. Canaccord Genuity Group reduced their target price on Passage Bio from $67.00 to $23.00 and set a “buy” rating for the company in a report on Wednesday, March 4th. Wedbush reissued a “neutral” rating and issued a $8.00 target price (down from $32.00) on shares of Passage Bio in a report on Tuesday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Passage Bio in a report on Friday, March 27th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Passage Bio currently has a consensus rating of “Hold” and a consensus price target of $13.25.

Passage Bio Stock Performance

Passage Bio stock opened at $6.13 on Tuesday. Passage Bio has a one year low of $5.12 and a one year high of $20.00. The business has a fifty day moving average of $8.43 and a two-hundred day moving average of $9.51. The company has a market cap of $19.68 million, a P/E ratio of -0.42 and a beta of 1.77.

Passage Bio (NASDAQ:PASG) last released its earnings results on Tuesday, March 3rd. The company reported ($4.08) EPS for the quarter, missing analysts’ consensus estimates of ($2.19) by ($1.89). Sell-side analysts predict that Passage Bio will post -8.44 EPS for the current year.

Institutional Trading of Passage Bio

Several large investors have recently bought and sold shares of PASG. Nano Cap New Millennium Growth Fund L P acquired a new stake in Passage Bio in the fourth quarter valued at $118,000. Quadrature Capital Ltd acquired a new stake in Passage Bio in the fourth quarter valued at $148,000. Squarepoint Ops LLC acquired a new stake in Passage Bio in the third quarter valued at $188,000. Geode Capital Management LLC grew its holdings in Passage Bio by 15.1% in the fourth 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 last quarter. Finally, Yiheng Capital Management L.P. acquired a new stake in Passage Bio in the fourth quarter valued at $405,000. Institutional investors and hedge funds own 53.48% of the company’s stock.

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.