Passage Bio (NASDAQ:PASG) Coverage Initiated by Analysts at Chardan Capital

Chardan Capital started coverage on shares of Passage Bio (NASDAQ:PASG) in a research note released on Tuesday. The brokerage issued a buy rating and a $21.00 target price on the stock.

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Passage Bio in a report on Monday, December 29th. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.67.

Passage Bio Price Performance

NASDAQ:PASG opened at $9.32 on Tuesday. The business’s 50-day moving average is $11.86 and its two-hundred day moving average is $9.02. The firm has a market capitalization of $29.64 million, a PE ratio of -0.65 and a beta of 1.72. Passage Bio has a 12 month low of $5.12 and a 12 month high of $20.00.

Passage Bio (NASDAQ:PASG) last posted its earnings results on Monday, November 10th. The company reported ($2.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.64) by $0.20. Equities analysts anticipate that Passage Bio will post -1.03 EPS for the current year.

Insider Buying and Selling at Passage Bio

In related news, CEO William Chou sold 4,076 shares of the stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $18.44, for a total transaction of $75,161.44. Following the sale, the chief executive officer owned 6,524 shares in the company, valued at $120,302.56. This represents a 38.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Passage Bio

Several institutional investors have recently made changes to their positions in PASG. Nano Cap New Millennium Growth Fund L P acquired a new stake in shares of Passage Bio during the 4th quarter worth approximately $118,000. Squarepoint Ops LLC bought a new stake in Passage Bio in the third quarter valued at $188,000. Finally, Geode Capital Management LLC lifted its stake 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 buying an additional 4,114 shares during the last quarter. 53.48% of the stock is owned by institutional investors.

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.