Oppenheimer Issues Pessimistic Forecast for Passage Bio (NASDAQ:PASG) Stock Price

Passage Bio (NASDAQ:PASG) had its price target decreased by Oppenheimer from $30.00 to $15.00 in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s price objective suggests a potential upside of 151.09% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Canaccord Genuity Group reduced their price objective 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, March 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Passage Bio in a research report on Friday, March 27th. TD Cowen reaffirmed a “hold” rating on shares of Passage Bio in a research report on Tuesday. Wedbush reaffirmed a “neutral” rating and set a $8.00 price target (down from $32.00) on shares of Passage Bio in a research report on Tuesday. Finally, Wall Street Zen downgraded Passage Bio from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. 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 stock. According to MarketBeat.com, Passage Bio currently has a consensus rating of “Hold” and a consensus target price of $13.25.

Passage Bio Stock Performance

NASDAQ:PASG traded down $0.28 during trading hours on Tuesday, reaching $5.97. The company’s stock had a trading volume of 234,767 shares, compared to its average volume of 73,157. The company has a market capitalization of $19.18 million, a P/E ratio of -0.41 and a beta of 1.77. Passage Bio has a 12 month low of $5.12 and a 12 month high of $20.00. The stock has a 50 day moving average price of $8.55 and a two-hundred day moving average price of $9.55.

Passage Bio (NASDAQ:PASG) last issued its quarterly earnings data on Tuesday, March 3rd. The company reported ($4.08) EPS for the quarter, missing analysts’ consensus estimates of ($2.19) by ($1.89). As a group, analysts predict that Passage Bio will post -8.44 EPS for the current fiscal year.

Institutional Investors Weigh In On Passage Bio

Several hedge funds have recently added to or reduced their stakes in PASG. Squarepoint Ops LLC purchased a new stake in Passage Bio in the third quarter valued at $188,000. Nano Cap New Millennium Growth Fund L P purchased a new stake in Passage Bio in the fourth quarter valued at $118,000. Geode Capital Management LLC boosted its holdings 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 during the last quarter. Renaissance Technologies LLC boosted its holdings 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 during the last quarter. Finally, Eversept Partners LP purchased a new stake in Passage Bio in the fourth quarter valued at $1,490,000. 53.48% of the stock is owned by hedge funds and other institutional investors.

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.