Passage Bio (NASDAQ:PASG) Shares Down 4.8%


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Passage Bio, Inc. (NASDAQ:PASG) shares traded down 4.8% on Thursday . The stock traded as low as $17.00 and last traded at $17.00. 8,346 shares traded hands during mid-day trading, a decline of 98% from the average session volume of 458,822 shares. The stock had previously closed at $17.86.

Several research firms have recently commented on PASG. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell began coverage on shares of Passage Bio in a research report on Friday, December 11th. They set a “neutral” rating and a $28.00 target price for the company. Guggenheim started coverage on shares of Passage Bio in a report on Thursday, February 4th. They set a “buy” rating and a $25.00 price target on the stock. JPMorgan Chase & Co. upgraded shares of Passage Bio from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $25.00 to $35.00 in a research note on Monday, January 4th. The Goldman Sachs Group upgraded shares of Passage Bio from a “neutral” rating to a “buy” rating and boosted their target price for the company from $28.00 to $30.00 in a research note on Wednesday, March 10th. Finally, Chardan Capital boosted their target price on shares of Passage Bio from $35.50 to $45.00 and gave the company a “buy” rating in a research note on Monday, March 15th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $27.28.

The firm’s 50-day moving average price is $19.04 and its 200-day moving average price is $20.26.

Passage Bio (NASDAQ:PASG) last posted its earnings results on Tuesday, March 2nd. The company reported ($0.83) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.69) by ($0.14). On average, equities analysts anticipate that Passage Bio, Inc. will post -2.76 earnings per share for the current fiscal year.

In other news, COO Jill M. Quigley sold 1,300 shares of the stock in a transaction on Wednesday, January 20th. The shares were sold at an average price of $30.01, for a total value of $39,013.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Gary Romano sold 10,000 shares of the stock in a transaction on Monday, March 15th. The stock was sold at an average price of $21.10, for a total transaction of $211,000.00. Following the completion of the transaction, the insider now directly owns 10,000 shares in the company, valued at approximately $211,000. The disclosure for this sale can be found here.

Large investors have recently modified their holdings of the company. Penserra Capital Management LLC bought a new position in shares of Passage Bio in the 4th quarter worth $26,000. Pacer Advisors Inc. purchased a new stake in shares of Passage Bio in the 1st quarter valued at $37,000. Squarepoint Ops LLC purchased a new stake in shares of Passage Bio in the 3rd quarter valued at $143,000. Citigroup Inc. boosted its stake in shares of Passage Bio by 591.0% in the 4th quarter. Citigroup Inc. now owns 6,350 shares of the company’s stock valued at $162,000 after purchasing an additional 5,431 shares in the last quarter. Finally, Jane Street Group LLC boosted its stake in shares of Passage Bio by 49.7% in the 3rd quarter. Jane Street Group LLC now owns 17,704 shares of the company’s stock valued at $232,000 after purchasing an additional 5,879 shares in the last quarter. 67.59% of the stock is currently owned by hedge funds and other institutional investors.

Passage Bio Company Profile (NASDAQ:PASG)

Passage Bio, Inc, a genetic medicines company, develops transformative therapies for rare monogenic central nervous system (CNS) diseases. It develops PBGM01, which utilizes a proprietary, AAVhu68 capsid to deliver to the brain and peripheral tissues a functional GLB1 gene encoding lysosomal acid beta-galactosidase (Ã-gal) for infantile GM1; PBFT02, which utilizes an AAV1 capsid to deliver to the brain a functional granulin, or GRN, gene encoding progranulin, or PGRN, for the treatment of FTD-GRN; and PBKR03, which utilizes a proprietary, AAVhu68 capsid to deliver to the brain and peripheral tissues a functional GALC gene encoding the hydrolytic enzyme galactosylceramidase for infantile Krabbe disease.

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