Passage Bio (NASDAQ:PASG) Now Covered by Oppenheimer

Oppenheimer initiated coverage on shares of Passage Bio (NASDAQ:PASG) in a research note issued to investors on Tuesday morning, MarketBeat.com reports. The firm issued an outperform rating and a $30.00 target price on the stock.

PASG has been the topic of a number of other research reports. Wall Street Zen cut Passage Bio from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Chardan Capital started coverage on Passage Bio in a report on Tuesday, February 10th. They set a “buy” rating and a $21.00 price objective for the company. Canaccord Genuity Group cut their price objective on Passage Bio from $67.00 to $23.00 and set a “buy” rating on the stock in a research report on Wednesday, March 4th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Passage Bio in a research note on Friday. Four investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $28.50.

Passage Bio Trading Up 27.0%

PASG stock opened at $7.85 on Tuesday. The stock has a market cap of $25.20 million, a PE ratio of -0.54 and a beta of 1.75. Passage Bio has a 12 month low of $5.12 and a 12 month high of $20.00. The company has a 50-day moving average price of $9.01 and a 200 day moving average price of $9.35.

Passage Bio (NASDAQ:PASG) last posted its quarterly earnings data on Tuesday, March 3rd. The company reported ($4.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.19) by ($1.89). Sell-side analysts forecast that Passage Bio will post -1.03 EPS for the current year.

Insider Activity at Passage Bio

In other news, CEO William Chou sold 4,076 shares of Passage Bio 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 owned 6,524 shares of the company’s stock, valued at approximately $120,302.56. The trade was a 38.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PASG. Nano Cap New Millennium Growth Fund L P bought a new stake in Passage Bio during the 4th quarter valued at $118,000. Quadrature Capital Ltd bought a new position in shares of Passage Bio during the 4th quarter worth $148,000. Squarepoint Ops LLC bought a new position in shares of Passage Bio during the 3rd quarter worth $188,000. Geode Capital Management LLC increased its stake in shares of Passage Bio by 15.1% during 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 period. Finally, Yiheng Capital Management L.P. purchased a new position in shares of Passage Bio during the fourth quarter valued at $405,000. 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.