Canaccord Genuity Group Has Lowered Expectations for Passage Bio (NASDAQ:PASG) Stock Price

Passage Bio (NASDAQ:PASG) had its price objective decreased by equities research analysts at Canaccord Genuity Group from $67.00 to $23.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 183.25% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Passage Bio in a research report on Monday, December 29th. Chardan Capital assumed coverage on Passage Bio in a research note on Tuesday, February 10th. They set a “buy” rating and a $21.00 price objective for the company. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Passage Bio currently has an average rating of “Moderate Buy” and a consensus price target of $28.00.

Passage Bio Trading Down 3.8%

Shares of Passage Bio stock opened at $8.12 on Wednesday. Passage Bio has a 52 week low of $5.12 and a 52 week high of $20.00. The stock has a market cap of $26.07 million, a PE ratio of -0.56 and a beta of 1.75. The company’s 50-day moving average price is $11.49 and its two-hundred day moving average price is $9.28.

Passage Bio (NASDAQ:PASG) last posted its quarterly earnings data on Tuesday, March 3rd. The company reported ($4.09) earnings per share for the quarter, missing the consensus estimate of ($2.19) by ($1.90). On average, equities analysts predict that Passage Bio will post -1.03 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO William Chou sold 4,076 shares of the firm’s stock in a transaction that occurred on Thursday, January 8th. The shares were 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 of the company’s stock, valued at approximately $120,302.56. This trade represents a 38.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.00% of the company’s stock.

Institutional Trading of Passage Bio

Hedge funds have recently modified their holdings of the business. Nano Cap New Millennium Growth Fund L P purchased a new position in shares of Passage Bio during the fourth quarter valued at $118,000. Quadrature Capital Ltd acquired a new position in shares of Passage Bio in the 4th quarter valued at about $148,000. Squarepoint Ops LLC purchased a new stake in shares of Passage Bio in the third quarter worth approximately $188,000. Geode Capital Management LLC boosted its holdings in shares of Passage Bio by 15.1% during 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 period. Finally, Yiheng Capital Management L.P. purchased a new position in Passage Bio during the fourth quarter valued at approximately $405,000. Hedge funds and other institutional investors own 53.48% of the company’s stock.

Passage Bio Company Profile

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.