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

Shares of Passage Bio, Inc. (NASDAQ:PASG) have been given an average rating of “Hold” by the nine brokerages that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $13.25.

A number of brokerages have recently issued reports on PASG. Wedbush restated a “neutral” rating and set a $8.00 price objective (down from $32.00) on shares of Passage Bio in a report on Tuesday, April 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Passage Bio in a research note on Wednesday, June 24th. Guggenheim cut Passage Bio from a “buy” rating to a “neutral” rating in a report on Wednesday, June 10th. Oppenheimer reduced their price target on Passage Bio from $30.00 to $15.00 and set an “outperform” rating for the company in a research note on Tuesday, April 21st. Finally, UBS Group lowered Passage Bio to a “neutral” rating in a report on Wednesday, June 10th.

Passage Bio Stock Performance

NASDAQ PASG opened at $4.71 on Friday. The firm has a 50-day moving average of $5.21 and a 200-day moving average of $8.32. The stock has a market cap of $15.12 million, a PE ratio of -0.40 and a beta of 1.42. Passage Bio has a 52-week low of $3.29 and a 52-week high of $20.00.

Passage Bio (NASDAQ:PASG) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($2.36) EPS for the quarter, beating analysts’ consensus estimates of ($2.76) by $0.40. As a group, analysts predict that Passage Bio will post -8.62 EPS for the current fiscal year.

Insider Buying and Selling at Passage Bio

In other Passage Bio news, major shareholder Lynx1 Capital Management Lp bought 50,055 shares of Passage Bio stock in a transaction dated Thursday, June 25th. The stock was bought at an average price of $4.12 per share, with a total value of $206,226.60. Following the completion of the transaction, the insider owned 673,759 shares in the company, valued at $2,775,887.08. The trade was a 8.03% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.90% of the company’s stock.

Hedge Funds Weigh In On Passage Bio

A number of hedge funds have recently bought and sold shares of PASG. Geode Capital Management LLC raised its stake in Passage Bio by 15.1% in the 4th 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 in the last quarter. Eversept Partners LP grew its position in shares of Passage Bio by 4.2% during the 1st 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 in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Passage Bio by 8.2% during the fourth quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock worth $1,287,000 after purchasing an additional 8,300 shares during the period. Nano Cap New Millennium Growth Fund L P bought a new position in shares of Passage Bio during the fourth quarter worth approximately $118,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of Passage Bio in the fourth quarter valued at approximately $148,000. 53.48% of the stock is 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.