Passage Bio (NASDAQ:PASG) Cut to Strong Sell at Wall Street Zen

Passage Bio (NASDAQ:PASG) was downgraded by Wall Street Zen from a “sell” rating to a “strong sell” rating in a research note issued to investors on Saturday.

A number of other research firms also recently issued reports on PASG. Lucid Cap Mkts downgraded Passage Bio from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Chardan Capital set a $7.00 price target on Passage Bio and gave the company a “neutral” rating in a research note on Tuesday. TD Cowen downgraded Passage Bio from a “buy” rating to a “hold” rating in a research note on Tuesday. Canaccord Genuity Group cut 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. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Passage Bio in a research note on Friday, March 27th. Two research 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. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $13.25.

Passage Bio Stock Performance

PASG stock opened at $5.84 on Friday. The company has a market capitalization of $18.75 million, a P/E ratio of -0.40 and a beta of 1.77. Passage Bio has a 52-week low of $5.12 and a 52-week high of $20.00. The business has a 50-day simple moving average of $8.32 and a two-hundred day simple moving average of $9.47.

Passage Bio (NASDAQ:PASG) last released its quarterly earnings results 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). As a group, sell-side analysts forecast that Passage Bio will post -9.82 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Passage Bio

Several hedge funds have recently modified their holdings of PASG. Nano Cap New Millennium Growth Fund L P bought a new position in shares of Passage Bio during the 4th quarter worth approximately $118,000. Quadrature Capital Ltd bought a new position in shares of Passage Bio during the 4th quarter worth approximately $148,000. Squarepoint Ops LLC bought a new position in shares of Passage Bio during the 3rd quarter worth approximately $188,000. Geode Capital Management LLC lifted its position in shares of Passage Bio by 15.1% during the 4th 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. bought a new position in shares of Passage Bio during the 4th 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.