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

Shares of Passage Bio, Inc. (NASDAQ:PASG) have earned an average recommendation of “Moderate Buy” from the four research firms that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $42.6667.

A number of equities research analysts have recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Passage Bio in a research note on Monday, December 29th. Chardan Capital boosted their target price on shares of Passage Bio to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, November 12th.

Passage Bio Trading Down 6.4%

NASDAQ PASG opened at $8.90 on Thursday. The firm’s fifty day simple moving average is $11.84 and its two-hundred day simple moving average is $9.01. Passage Bio has a 12-month low of $5.12 and a 12-month high of $20.00. The firm has a market capitalization of $28.30 million, a P/E ratio of -0.62 and a beta of 1.72.

Passage Bio (NASDAQ:PASG) last issued its quarterly earnings data on Monday, November 10th. The company reported ($2.44) EPS for the quarter, beating the consensus estimate of ($2.64) by $0.20. As a group, sell-side analysts predict that Passage Bio will post -1.03 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO William Chou sold 4,076 shares of the firm’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $18.44, for a total value of $75,161.44. Following the completion of the transaction, the chief executive officer owned 6,524 shares in the company, valued at $120,302.56. This trade represents a 38.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 4.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PASG. Nano Cap New Millennium Growth Fund L P purchased a new position in shares of Passage Bio in the fourth quarter worth about $118,000. Squarepoint Ops LLC acquired a new position in Passage Bio in the 3rd quarter worth approximately $188,000. Finally, Geode Capital Management LLC raised its position in Passage Bio by 15.1% during the 4th quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock worth $371,000 after buying an additional 4,114 shares during the last quarter. 53.48% of the stock is owned by institutional investors and hedge funds.

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.