Passage Bio, Inc. (NASDAQ:PASG) Given Average Rating of “Hold” by Brokerages

by · The Cerbat Gem

Shares of Passage Bio, Inc. (NASDAQ:PASG – Get Free Report) have been given a consensus recommendation of “Hold” by the nine analysts that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and two have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $13.25.

A number of analysts recently weighed in on PASG shares. UBS Group lowered shares of Passage Bio to a “neutral” rating in a research note on Wednesday, June 10th. Weiss Ratings lowered shares of Passage Bio from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 6th. Guggenheim cut shares of Passage Bio from a “buy” rating to a “neutral” rating in a research report on Wednesday, June 10th. Finally, Wall Street Zen downgraded shares of Passage Bio from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th.

Check Out Our Latest Analysis on Passage Bio

Passage Bio Trading Up 3.7%

Shares of PASG stock opened at $5.04 on Friday. Passage Bio has a twelve month low of $3.29 and a twelve month high of $20.00. The stock has a market capitalization of $16.23 million, a price-to-earnings ratio of -0.45 and a beta of 1.43. The stock has a fifty day simple moving average of $4.65 and a two-hundred day simple moving average of $5.85.

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

Insiders Place Their Bets

In related news, major shareholder Lynx1 Capital Management Lp bought 50,055 shares of the stock in a transaction on Thursday, June 25th. The stock was bought at an average price of $4.12 per share, for a total transaction of $206,226.60. Following the completion of the acquisition, 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 ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Passage Bio

Several hedge funds have recently modified their holdings of PASG. Renaissance Technologies LLC boosted its holdings in shares of Passage Bio by 22.5% in the 1st quarter. Renaissance Technologies LLC now owns 133,612 shares of the company’s stock valued at $1,049,000 after buying an additional 24,523 shares in the last quarter. Eversept Partners LP lifted its position in Passage Bio by 4.2% during the first quarter. Eversept Partners LP now owns 131,581 shares of the company’s stock valued at $1,033,000 after acquiring an additional 5,351 shares during the last quarter. Finally, Nano Cap New Millennium Growth Fund L P acquired a new stake in Passage Bio in the fourth quarter valued at approximately $118,000. 53.48% of the stock is owned by hedge funds and other institutional investors.

Passage Bio Company Profile

(Get Free Report)

Passage Bio, Inc is a clinical-stage biotechnology company focused on developing genetic medicines for severe diseases of the central nervous system. The company uses adeno-associated virus (AAV) gene therapy platforms to deliver functional genes to target cells, with the goal of addressing the underlying causes of inherited neurological disorders.

Passage Bio’s development programs have included investigational therapies for conditions such as GM1 gangliosidosis, Krabbe disease and frontotemporal dementia.

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