Passage Bio (NASDAQ:PASG) Downgraded to Sell Rating by Wall Street Zen

Wall Street Zen cut shares of Passage Bio (NASDAQ:PASG) from a hold rating to a sell rating in a research note issued to investors on Saturday morning.

Several other equities analysts have also issued reports on the stock. Chardan Capital began coverage on shares of Passage Bio in a report on Tuesday, February 10th. They set a “buy” rating and a $21.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Passage Bio in a research note on Monday, December 29th. Finally, Canaccord Genuity Group reduced their price objective on Passage Bio from $67.00 to $23.00 and set a “buy” rating for the company in a research report on Wednesday. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.00.

Passage Bio Price Performance

Shares of Passage Bio stock opened at $8.40 on Friday. Passage Bio has a 1 year low of $5.12 and a 1 year high of $20.00. The firm has a market cap of $26.96 million, a price-to-earnings ratio of -0.58 and a beta of 1.75. The company has a 50-day moving average of $11.44 and a 200 day moving average of $9.31.

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

Insiders Place Their Bets

In other Passage Bio news, CEO William Chou sold 4,076 shares of the firm’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $18.44, for a total transaction of $75,161.44. Following the completion of the sale, the chief executive officer directly owned 6,524 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Passage Bio

Institutional investors have recently made changes to their positions in the company. Nano Cap New Millennium Growth Fund L P purchased a new position in Passage Bio in the 4th quarter worth approximately $118,000. Quadrature Capital Ltd purchased a new position in shares of Passage Bio in the fourth quarter worth $148,000. Squarepoint Ops LLC bought a new position in shares of Passage Bio during the third quarter valued at $188,000. Geode Capital Management LLC boosted its position 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 valued at $371,000 after buying an additional 4,114 shares during the last quarter. Finally, Yiheng Capital Management L.P. bought a new stake in Passage Bio in the 4th quarter worth about $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.