Passage Bio (NASDAQ:PASG) Raised to Hold at Wall Street Zen

by · The Markets Daily

Passage Bio (NASDAQ:PASG – Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Saturday.

Several other brokerages also recently issued reports on PASG. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Passage Bio in a research report on Wednesday, June 24th. TD Cowen cut Passage Bio from a “buy” rating to a “hold” rating in a research report on Tuesday, April 21st. UBS Group downgraded Passage Bio to a “neutral” rating in a research note on Wednesday, June 10th. Guggenheim lowered Passage Bio from a “buy” rating to a “neutral” rating in a report on Wednesday, June 10th. Finally, Chardan Capital set a $7.00 price target on Passage Bio and gave the stock a “neutral” rating in a report on Tuesday, April 21st. Two analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $13.25.

Read Our Latest Research Report on Passage Bio

Passage Bio Price Performance

NASDAQ:PASG opened at $4.47 on Friday. The company’s 50 day moving average is $5.14 and its 200-day moving average is $7.31. Passage Bio has a 12 month low of $3.29 and a 12 month high of $20.00. The firm has a market cap of $14.34 million, a price-to-earnings ratio of -0.38 and a beta of 1.42.

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

Insider Activity at Passage Bio

In related news, major shareholder Lynx1 Capital Management Lp acquired 50,055 shares of the business’s stock in a transaction dated Thursday, June 25th. The stock was acquired at an average price of $4.12 per share, with a total value of $206,226.60. Following the completion of the transaction, the insider owned 673,759 shares of the company’s stock, valued at approximately $2,775,887.08. This represents a 8.03% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 4.90% of the company’s stock.

Hedge Funds Weigh In On Passage Bio

Several large investors have recently added to or reduced their stakes in PASG. Eversept Partners LP bought a new stake in shares of Passage Bio during the fourth quarter valued at approximately $1,490,000. Nano Cap New Millennium Growth Fund L P bought a new position in Passage Bio in the fourth quarter worth $118,000. Renaissance Technologies LLC lifted its position in Passage Bio by 8.2% in the fourth quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock worth $1,287,000 after purchasing an additional 8,300 shares during the period. Yiheng Capital Management L.P. acquired a new stake in Passage Bio during the fourth quarter worth $405,000. Finally, Geode Capital Management LLC boosted its stake in Passage Bio by 15.1% during the fourth quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock worth $371,000 after buying an additional 4,114 shares in the last quarter. Institutional investors and hedge funds own 53.48% of the company’s stock.

Passage Bio Company Profile

(Get Free Report)

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.

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