Passage Bio (NASDAQ:PASG) Now Covered by Analysts at Oppenheimer

Stock analysts at Oppenheimer started coverage on shares of Passage Bio (NASDAQ:PASG) in a note issued to investors on Tuesday. The firm set an “outperform” rating and a $30.00 price target on the stock. Oppenheimer’s target price points to a potential upside of 385.44% from the company’s previous close.

A number of other equities research analysts have also recently commented on PASG. Weiss Ratings reiterated a “sell (d-)” rating on shares of Passage Bio in a report on Friday. Canaccord Genuity Group lowered their price objective on 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 Passage Bio from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Finally, Chardan Capital initiated coverage on Passage Bio in a report on Tuesday, February 10th. They issued a “buy” rating and a $21.00 target price for the company. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $28.50.

Passage Bio Trading Down 3.1%

NASDAQ PASG opened at $6.18 on Tuesday. Passage Bio has a 12 month low of $5.12 and a 12 month high of $20.00. The stock’s fifty day moving average price is $9.11 and its 200-day moving average price is $9.34. The stock has a market cap of $19.84 million, a P/E ratio of -0.43 and a beta of 1.75.

Passage Bio (NASDAQ:PASG) last announced 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, analysts forecast that Passage Bio will post -1.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Passage Bio news, CEO William Chou sold 4,076 shares of the business’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $18.44, for a total transaction of $75,161.44. Following the completion of the sale, the chief executive officer directly owned 6,524 shares in the company, valued at approximately $120,302.56. The trade was a 38.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.30% of the company’s stock.

Institutional Trading of Passage Bio

A number of hedge funds have recently bought and sold shares of the company. Eversept Partners LP bought a new position in Passage Bio in the fourth quarter valued at about $1,490,000. Renaissance Technologies LLC increased its position in shares of Passage Bio by 8.2% during the 4th quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock valued at $1,287,000 after purchasing an additional 8,300 shares during the last quarter. Yiheng Capital Management L.P. purchased a new stake in shares of Passage Bio during the 4th quarter valued at about $405,000. Geode Capital Management LLC lifted its stake 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 purchasing an additional 4,114 shares during the period. Finally, Squarepoint Ops LLC bought a new position in shares of Passage Bio in the 3rd quarter worth approximately $188,000. 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.