Passage Bio, Inc. (NASDAQ:PASG) Receives Average Recommendation of “Moderate Buy” from Brokerages

Passage Bio, Inc. (NASDAQ:PASG) has been given a consensus rating of “Moderate Buy” by the four research firms that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation and three have given a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $28.00.

A number of analysts have recently issued reports on PASG shares. Canaccord Genuity Group dropped 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. Wall Street Zen cut shares of Passage Bio from a “hold” rating to a “sell” rating in a report on Saturday. Chardan Capital began coverage on shares of Passage Bio in a research report on Tuesday, February 10th. They set a “buy” rating and a $21.00 price objective on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Passage Bio in a report on Monday, December 29th.

Insider Buying and Selling at Passage Bio

In other news, CEO William Chou sold 4,076 shares of the stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $18.44, for a total transaction of $75,161.44. Following the transaction, the chief executive officer directly owned 6,524 shares of the company’s stock, valued at $120,302.56. This represents a 38.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.00% of the stock is owned by insiders.

Institutional Trading of Passage Bio

Several large investors have recently modified their holdings of PASG. Nano Cap New Millennium Growth Fund L P bought a new position in Passage Bio in the fourth quarter valued at about $118,000. Quadrature Capital Ltd purchased a new position in Passage Bio in the fourth quarter worth about $148,000. Squarepoint Ops LLC bought a new stake in shares of Passage Bio during the 3rd quarter valued at about $188,000. Geode Capital Management LLC grew its stake in shares of Passage Bio by 15.1% during the 4th 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 period. Finally, Yiheng Capital Management L.P. purchased a new stake in shares of Passage Bio during the 4th quarter valued at about $405,000. Institutional investors own 53.48% of the company’s stock.

Passage Bio Price Performance

PASG stock opened at $8.40 on Monday. The stock has a market capitalization of $26.96 million, a P/E ratio of -0.58 and a beta of 1.75. Passage Bio has a 1-year low of $5.12 and a 1-year high of $20.00. The business has a fifty day moving average price of $11.44 and a 200-day moving average price of $9.29.

Passage Bio (NASDAQ:PASG) last released its quarterly earnings data on Tuesday, March 3rd. The company reported ($4.09) EPS for the quarter, missing the consensus estimate of ($2.19) by ($1.90). As a group, analysts anticipate that Passage Bio will post -1.03 earnings per share for the current year.

About Passage Bio

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.