Passage Bio, Inc. (NASDAQ:PASG) Receives $42.67 Average Price Target from Brokerages

Passage Bio, Inc. (NASDAQ:PASG) has earned an average rating of “Moderate Buy” from the four research firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating and three have given a buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $42.6667.

PASG has been the topic of several recent analyst reports. Canaccord Genuity Group cut their target price on shares of Passage Bio from $260.00 to $67.00 and set a “buy” rating on the stock in a report on Thursday, August 14th. Chardan Capital increased their price target on shares of Passage Bio to $21.00 and gave the company a “buy” rating in a research report on Wednesday, November 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Passage Bio in a research report on Monday. Wall Street Zen raised shares of Passage Bio to a “hold” rating in a research note on Friday, September 5th. Finally, Wedbush increased their target price on shares of Passage Bio to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, August 13th.

Passage Bio Trading Up 0.1%

NASDAQ PASG opened at $8.99 on Friday. The firm has a market cap of $28.59 million, a PE ratio of -0.62 and a beta of 1.94. Passage Bio has a 1-year low of $5.12 and a 1-year high of $26.60. The stock has a 50-day moving average of $7.91 and a 200-day moving average of $7.42.

Passage Bio (NASDAQ:PASG) last announced its quarterly earnings results on Monday, November 10th. The company reported ($2.44) EPS for the quarter, topping analysts’ consensus estimates of ($2.64) by $0.20. As a group, equities research analysts forecast that Passage Bio will post -1.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Passage Bio news, major shareholder Lynx1 Capital Management Lp acquired 19,783 shares of the company’s stock in a transaction on Friday, September 12th. The stock was acquired at an average price of $6.99 per share, for a total transaction of $138,283.17. Following the acquisition, the insider owned 611,804 shares in the company, valued at $4,276,509.96. This represents a 3.34% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last three months, insiders purchased 32,008 shares of company stock worth $223,726. Corporate insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Passage Bio

A hedge fund recently raised its stake in Passage Bio stock. Simplex Trading LLC increased its holdings in Passage Bio, Inc. (NASDAQ:PASG) by 9,311.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 82,346 shares of the company’s stock after acquiring an additional 81,471 shares during the quarter. Simplex Trading LLC owned about 0.13% of Passage Bio worth $29,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 53.48% of the company’s stock.

About Passage Bio

Passage Bio, Inc, a genetic medicines company, develops gene therapies for central nervous system diseases. It develops PBGM01, a functional GLB1 gene encoding ß-galactosidase for infantile GM1; PBFT02, a functional granulin (GRN) and gene encoding progranulin (PGRN) for the treatment of FTD caused by progranulin deficiency; and PBKR03, a functional GALC gene encoding the hydrolytic enzyme galactosylceramidase for infantile Krabbe disease.