Passage Bio’s (PASG) “Neutral” Rating Reiterated at Wedbush

Wedbush reaffirmed their neutral rating on shares of Passage Bio (NASDAQ:PASG) in a report released on Tuesday morning, Marketbeat reports. The brokerage currently has a $8.00 target price on the stock, down from their previous target price of $32.00.

Several other analysts have also recently weighed in on the company. Lucid Cap Mkts cut Passage Bio from a “strong-buy” rating to a “hold” rating in a report on Monday. Wall Street Zen lowered shares of Passage Bio from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Chardan Capital set a $7.00 price target on shares of Passage Bio and gave the stock a “neutral” rating in a research report on Tuesday. Oppenheimer began coverage on shares of Passage Bio in a research note on Tuesday, March 31st. They set an “outperform” rating and a $30.00 price target for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Passage Bio in a report on Friday, March 27th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $13.25.

Passage Bio Stock Performance

Shares of PASG opened at $5.90 on Tuesday. The business’s fifty day moving average price is $8.38 and its two-hundred day moving average price is $9.48. The firm has a market capitalization of $18.94 million, a price-to-earnings ratio of -0.41 and a beta of 1.77. Passage Bio has a 52 week low of $5.12 and a 52 week high of $20.00.

Passage Bio (NASDAQ:PASG) last released its earnings results 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). As a group, research analysts forecast that Passage Bio will post -9.82 EPS for the current year.

Hedge Funds Weigh In On Passage Bio

Several institutional investors have recently modified their holdings of PASG. Yiheng Capital Management L.P. acquired a new stake in shares of Passage Bio in the 4th quarter valued at approximately $405,000. Quadrature Capital Ltd bought a new position in Passage Bio during the 4th quarter worth approximately $148,000. Eversept Partners LP acquired a new position in Passage Bio during the fourth quarter valued at approximately $1,490,000. Renaissance Technologies LLC increased its stake in Passage Bio by 8.2% in the fourth quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock valued at $1,287,000 after purchasing an additional 8,300 shares in the last quarter. Finally, Geode Capital Management LLC increased 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 purchasing an additional 4,114 shares in the last quarter. 53.48% of the stock is currently 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.