Brokerages Set Passage Bio, Inc. (NASDAQ:PASG) Target Price at $13.25

Shares of Passage Bio, Inc. (NASDAQ:PASG) have been assigned an average rating of “Hold” from the nine research firms that are presently covering the company, Marketbeat reports. One equities research 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 analysts that have issued ratings on the stock in the last year is $13.25.

PASG has been the subject of a number of recent analyst reports. Wedbush reiterated 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. TD Cowen downgraded Passage Bio from a “buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Wall Street Zen upgraded Passage Bio from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Passage Bio in a research report on Friday, March 27th. Finally, Guggenheim cut Passage Bio from a “buy” rating to a “neutral” rating in a report on Wednesday.

Institutional Investors Weigh In On Passage Bio

A number of large investors have recently bought and sold shares of the stock. Nano Cap New Millennium Growth Fund L P purchased a new position in shares of Passage Bio in the fourth quarter valued at $118,000. Quadrature Capital Ltd bought a new stake in Passage Bio during the fourth quarter worth about $148,000. Squarepoint Ops LLC bought a new stake in Passage Bio during the third quarter worth about $188,000. Geode Capital Management LLC lifted its stake in 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 last quarter. Finally, Yiheng Capital Management L.P. bought a new stake in Passage Bio during the fourth quarter worth about $405,000. 53.48% of the stock is currently owned by institutional investors and hedge funds.

Passage Bio Trading Up 3.8%

PASG stock opened at $5.81 on Wednesday. The firm has a market capitalization of $18.65 million, a PE ratio of -0.49 and a beta of 1.41. Passage Bio has a 1-year low of $3.93 and a 1-year high of $20.00. The business’s 50 day simple moving average is $6.51 and its 200 day simple moving average is $8.89.

Passage Bio (NASDAQ:PASG) last released its quarterly 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, sell-side analysts predict that Passage Bio will post -8.62 EPS for the current fiscal year.

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.