Passage Bio (NASDAQ:PASG) Lowered to “Hold” Rating by Lucid Cap Mkts

Passage Bio (NASDAQ:PASG) was downgraded by equities researchers at Lucid Cap Mkts from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

A number of other research analysts also recently issued reports on PASG. Oppenheimer initiated coverage on shares of Passage Bio in a research report on Tuesday, March 31st. They issued an “outperform” rating and a $30.00 price target on the stock. Wedbush initiated coverage on shares of Passage Bio in a research report on Monday. They issued a “reduce” rating on the stock. Canaccord Genuity Group reduced their price target on shares of Passage Bio from $67.00 to $23.00 and set a “buy” rating on the stock in a research report on Wednesday, March 4th. Wall Street Zen downgraded shares of Passage Bio from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Finally, Chardan Capital initiated coverage on shares of Passage Bio in a research report on Tuesday, February 10th. They issued a “buy” rating and a $21.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $28.50.

Passage Bio Stock Performance

Passage Bio stock opened at $6.25 on Monday. The firm’s 50-day moving average is $8.55 and its 200-day moving average is $9.55. Passage Bio has a 1 year low of $5.12 and a 1 year high of $20.00. The company has a market cap of $20.06 million, a P/E ratio of -0.43 and a beta of 1.77.

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

Institutional Trading of Passage Bio

A number of large investors have recently modified their holdings of the company. Yiheng Capital Management L.P. acquired a new stake in shares of Passage Bio in the 4th quarter worth about $405,000. Quadrature Capital Ltd acquired a new stake in shares of Passage Bio in the 4th quarter worth about $148,000. Eversept Partners LP acquired a new stake in shares of Passage Bio in the 4th quarter worth about $1,490,000. Renaissance Technologies LLC increased its holdings 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 during the period. Finally, Geode Capital Management LLC increased its holdings 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 during the period. Institutional investors and hedge funds own 53.48% of the company’s stock.

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.