Passage Bio (NASDAQ:PASG) Trading Down 2.7% – Time to Sell?

Passage Bio, Inc. (NASDAQ:PASG)’s share price traded down 2.7% during mid-day trading on Monday . The company traded as low as $5.38 and last traded at $5.47. 28,882 shares changed hands during trading, a decline of 34% from the average session volume of 43,442 shares. The stock had previously closed at $5.62.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Wall Street Zen raised shares of Passage Bio from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 3rd. Chardan Capital set a $7.00 price objective on shares of Passage Bio and gave the company a “neutral” rating in a research report on Tuesday, April 21st. Oppenheimer cut their price objective on shares of Passage Bio from $30.00 to $15.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 21st. Canaccord Genuity Group cut their price objective on shares of Passage Bio from $67.00 to $23.00 and set a “buy” rating on the stock in a research report on Wednesday, March 4th. Finally, Wedbush reiterated a “neutral” rating and set a $8.00 price objective (down from $32.00) on shares of Passage Bio in a research report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Passage Bio currently has a consensus rating of “Hold” and an average target price of $13.25.

Passage Bio Price Performance

The firm has a market cap of $17.56 million, a P/E ratio of -0.46 and a beta of 1.41. The stock’s 50-day simple moving average is $6.63 and its two-hundred day simple moving average is $8.95.

Passage Bio (NASDAQ:PASG) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($2.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.76) by $0.40. As a group, sell-side analysts expect that Passage Bio, Inc. will post -8.62 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Eversept Partners LP grew its holdings in shares of 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 grew its holdings in shares of 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. bought a new position in shares of Passage Bio in the fourth quarter worth about $405,000. Quadrature Capital Ltd bought a new position in shares of Passage Bio in the fourth quarter worth about $148,000. Finally, Geode Capital Management LLC grew its holdings in shares of 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. 53.48% of the stock is currently owned by institutional investors.

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.