Passage Bio, Inc. (NASDAQ:PASG) Given Consensus Recommendation of “Hold” by Analysts

Passage Bio, Inc. (NASDAQ:PASG) has been given an average rating of “Hold” by the nine ratings firms that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and two have given a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $13.25.

PASG has been the topic of a number of recent research reports. Wall Street Zen raised Passage Bio from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Passage Bio in a research note on Friday, March 27th. Canaccord Genuity Group cut their price target 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. Chardan Capital set a $7.00 price objective on shares of Passage Bio and gave the stock a “neutral” rating in a report on Tuesday, April 21st. Finally, UBS Group lowered Passage Bio to a “neutral” rating in a research note on Wednesday.

Hedge Funds Weigh In On Passage Bio

Hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC raised its position in shares of Passage Bio by 8.2% in the 4th quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock worth $1,287,000 after acquiring an additional 8,300 shares in the last quarter. Yiheng Capital Management L.P. bought a new position in shares of Passage Bio in the 4th quarter worth approximately $405,000. Geode Capital Management LLC raised its position in shares of Passage Bio by 15.1% in the 4th quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock worth $371,000 after acquiring an additional 4,114 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in Passage Bio during the 3rd quarter valued at $188,000. Finally, Quadrature Capital Ltd purchased a new stake in Passage Bio during the 4th quarter valued at $148,000. 53.48% of the stock is currently owned by hedge funds and other institutional investors.

Passage Bio Stock Performance

PASG opened at $5.81 on Wednesday. Passage Bio has a 1-year low of $3.93 and a 1-year high of $20.00. The stock’s fifty day simple moving average is $6.51 and its 200 day simple moving average is $8.89. The stock has a market cap of $18.65 million, a PE ratio of -0.49 and a beta of 1.41.

Passage Bio (NASDAQ:PASG) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($2.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.76) by $0.40. Equities analysts forecast that Passage Bio will post -8.62 earnings per share for the current year.

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.