Passage Bio (NASDAQ:PASG) Cut to “Hold” at Chardan Capital

Passage Bio (NASDAQ:PASG) was downgraded by Chardan Capital from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

A number of other analysts have also recently weighed in on PASG. Lucid Cap Mkts cut shares of Passage Bio from a “strong-buy” rating to a “hold” rating in a report on Monday. Oppenheimer cut their price objective on shares of Passage Bio from $30.00 to $15.00 and set an “outperform” rating on the stock in a report on Tuesday. Canaccord Genuity Group cut their price objective on shares of Passage Bio from $67.00 to $23.00 and set a “buy” rating on the stock in a report on Wednesday, March 4th. Wedbush reissued a “neutral” rating and set a $8.00 price objective (down from $32.00) on shares of Passage Bio in a report on Tuesday. Finally, Wall Street Zen cut shares of Passage Bio from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $13.25.

Passage Bio Trading Down 1.1%

PASG stock opened at $6.18 on Tuesday. Passage Bio has a twelve month low of $5.12 and a twelve month high of $20.00. The company’s 50 day moving average is $8.49 and its two-hundred day moving average is $9.53. The stock has a market cap of $19.84 million, a P/E ratio of -0.43 and a beta of 1.77.

Passage Bio (NASDAQ:PASG) last released 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). On average, equities research analysts predict that Passage Bio will post -8.44 earnings per share for the current year.

Hedge Funds Weigh In On Passage Bio

Institutional investors have recently bought and sold shares of the company. Nano Cap New Millennium Growth Fund L P acquired a new position in Passage Bio in the 4th quarter valued at $118,000. Quadrature Capital Ltd acquired a new position in Passage Bio in the 4th quarter valued at $148,000. Squarepoint Ops LLC acquired a new position in Passage Bio in the 3rd quarter valued at $188,000. Geode Capital Management LLC increased its stake in Passage Bio by 15.1% in the 4th 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. acquired a new position in Passage Bio in the 4th quarter valued at $405,000. 53.48% of the stock is owned by institutional investors and hedge funds.

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.