Passage Bio (NASDAQ:PASG) Stock Price Down 2.8% – Here’s What Happened

Shares of Passage Bio, Inc. (NASDAQ:PASG) fell 2.8% during mid-day trading on Monday . The stock traded as low as $4.81 and last traded at $4.86. 30,123 shares changed hands during trading, an increase of 24% from the average session volume of 24,239 shares. The stock had previously closed at $5.00.

Wall Street Analysts Forecast Growth

PASG has been the topic of several research reports. Weiss Ratings lowered Passage Bio from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 6th. Wall Street Zen lowered shares of Passage Bio from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. UBS Group cut shares of Passage Bio to a “neutral” rating in a research note on Wednesday, June 10th. Finally, Guggenheim downgraded shares of Passage Bio from a “buy” rating to a “neutral” rating in a report on Wednesday, June 10th. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Passage Bio has a consensus rating of “Hold” and a consensus target price of $13.25.

Passage Bio Price Performance

The firm has a market capitalization of $15.65 million, a PE ratio of -0.43 and a beta of 1.43. The company has a 50-day moving average price of $4.65 and a 200-day moving average price of $5.94.

Passage Bio (NASDAQ:PASG) last posted its quarterly earnings data on Monday, August 10th. The company reported ($2.44) EPS for the quarter, hitting analysts’ consensus estimates of ($2.44). On average, research analysts predict that Passage Bio, Inc. will post -9.19 earnings per share for the current fiscal year.

Insider Activity at Passage Bio

In other 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 directly owned 673,759 shares in the company, valued at approximately $2,775,887.08. This represents a 8.03% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Passage Bio

Hedge funds and other institutional investors have recently made changes to their positions in the business. Eversept Partners LP acquired a new position in Passage Bio in the fourth quarter valued at $1,490,000. Renaissance Technologies LLC boosted its stake in Passage Bio by 22.5% in the 1st quarter. Renaissance Technologies LLC now owns 133,612 shares of the company’s stock worth $1,049,000 after buying an additional 24,523 shares during the last quarter. Finally, Nano Cap New Millennium Growth Fund L P purchased a new stake in Passage Bio in the 4th quarter valued at about $118,000. Hedge funds and other institutional investors own 53.48% of the company’s stock.

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.