Passage Bio (NASDAQ:PASG) Lowered to Sell Rating by Wall Street Zen

Passage Bio (NASDAQ:PASG) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

A number of other research firms have also recently weighed in on PASG. Chardan Capital assumed coverage on Passage Bio in a report on Tuesday, February 10th. They issued a “buy” rating and a $21.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Passage Bio in a research report on Monday, December 29th. Finally, Canaccord Genuity Group cut their target price on shares of Passage Bio from $67.00 to $23.00 and set a “buy” rating for the company in a research note on Wednesday. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.00.

Passage Bio Price Performance

Shares of NASDAQ PASG opened at $8.40 on Friday. Passage Bio has a 12-month low of $5.12 and a 12-month high of $20.00. The company has a market capitalization of $26.96 million, a PE ratio of -0.58 and a beta of 1.75. The firm’s 50-day moving average is $11.44 and its two-hundred day moving average is $9.29.

Passage Bio (NASDAQ:PASG) last issued its quarterly earnings data on Tuesday, March 3rd. The company reported ($4.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.19) by ($1.90). On average, analysts forecast that Passage Bio will post -1.03 EPS for the current fiscal year.

Insider Transactions at Passage Bio

In other Passage Bio news, CEO William Chou sold 4,076 shares of the business’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $18.44, for a total transaction of $75,161.44. Following the completion of the sale, the chief executive officer directly owned 6,524 shares in the company, valued at $120,302.56. The trade was a 38.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Passage Bio

Hedge funds have recently made changes to their positions in the business. Yiheng Capital Management L.P. purchased a new stake in Passage Bio during the 4th quarter worth $405,000. Quadrature Capital Ltd purchased a new position in Passage Bio in the fourth quarter valued at about $148,000. Eversept Partners LP acquired a new position in shares of Passage Bio during the fourth quarter worth about $1,490,000. Renaissance Technologies LLC lifted its stake in shares of Passage Bio by 8.2% during the fourth quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock worth $1,287,000 after purchasing an additional 8,300 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Passage Bio by 15.1% in the fourth 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 during the period. Hedge funds and other institutional investors 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.