Passage Bio, Inc. (NASDAQ:PASG) Receives $13.25 Average Target Price from Analysts

Passage Bio, Inc. (NASDAQ:PASG) has been given a consensus recommendation of “Hold” by the nine research firms that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $13.25.

PASG has been the topic of several analyst reports. Wedbush reaffirmed a “neutral” rating and set a $8.00 target price (down from $32.00) on shares of Passage Bio in a research report on Tuesday, April 21st. Oppenheimer decreased their price target on Passage Bio from $30.00 to $15.00 and set an “outperform” rating for the company in a research report on Tuesday, April 21st. Lucid Cap Mkts cut Passage Bio from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. UBS Group cut Passage Bio to a “neutral” rating in a research report on Wednesday, June 10th. Finally, Canaccord Genuity Group cut 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.

Passage Bio Price Performance

Shares of NASDAQ:PASG opened at $5.50 on Wednesday. The stock has a market cap of $17.64 million, a price-to-earnings ratio of -0.46 and a beta of 1.41. Passage Bio has a 12-month low of $3.93 and a 12-month high of $20.00. The business’s 50 day moving average is $6.40 and its 200 day moving average is $8.84.

Passage Bio (NASDAQ:PASG) last announced its earnings results on Tuesday, May 12th. The company reported ($2.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.76) by $0.40. As a group, equities research analysts expect that Passage Bio will post -8.62 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Eversept Partners LP boosted its position in Passage Bio by 4.2% in the first quarter. Eversept Partners LP now owns 131,581 shares of the company’s stock worth $1,033,000 after purchasing an additional 5,351 shares during the last quarter. Renaissance Technologies LLC boosted its position in Passage Bio by 22.5% in the first quarter. Renaissance Technologies LLC now owns 133,612 shares of the company’s stock worth $1,049,000 after purchasing an additional 24,523 shares during the last quarter. Yiheng Capital Management L.P. purchased a new position in Passage Bio in the fourth quarter worth $405,000. Quadrature Capital Ltd purchased a new position in Passage Bio in the fourth quarter worth $148,000. Finally, Geode Capital Management LLC boosted its position in Passage Bio by 15.1% in the fourth 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 last quarter. 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.