Passage Bio (NASDAQ:PASG) Trading Down 2.8% – Should You Sell?

Passage Bio, Inc. (NASDAQ:PASG)’s share price traded down 2.8% during mid-day trading on Monday . The company traded as low as $4.81 and last traded at $4.86. 30,123 shares traded hands during mid-day trading, an increase of 24% from the average daily volume of 24,239 shares. The stock had previously closed at $5.00.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PASG shares. Wall Street Zen cut shares of Passage Bio from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Guggenheim downgraded Passage Bio from a “buy” rating to a “neutral” rating in a report on Wednesday, June 10th. Weiss Ratings cut Passage Bio from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 6th. Finally, UBS Group downgraded Passage Bio to a “neutral” rating in a report on Wednesday, June 10th. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $13.25.

Passage Bio Trading Down 2.8%

The stock has a market cap of $15.65 million, a PE ratio of -0.43 and a beta of 1.43. The business has a 50 day moving average of $4.65 and a 200-day moving average of $5.94.

Passage Bio (NASDAQ:PASG) last posted its quarterly earnings data on Monday, August 10th. The company reported ($2.44) earnings per share for the quarter, meeting the consensus estimate of ($2.44). Research analysts expect that Passage Bio, Inc. will post -9.19 EPS for the current fiscal year.

Insider Buying and Selling at Passage Bio

In related news, major shareholder Lynx1 Capital Management Lp purchased 50,055 shares of the stock in a transaction that occurred on Thursday, June 25th. The shares were purchased at an average price of $4.12 per share, with a total value of $206,226.60. Following the completion of the acquisition, the insider directly owned 673,759 shares in the company, valued at $2,775,887.08. This represents a 8.03% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 4.90% of the company’s stock.

Hedge Funds Weigh In On Passage Bio

A number of large investors have recently bought and sold shares of PASG. Eversept Partners LP purchased a new stake in shares of Passage Bio during the 4th quarter worth $1,490,000. Renaissance Technologies LLC lifted its stake 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 valued at $1,049,000 after purchasing an additional 24,523 shares during the period. Finally, Nano Cap New Millennium Growth Fund L P acquired a new stake in shares of Passage Bio in the fourth quarter valued at about $118,000. Hedge funds and other institutional investors own 53.48% of the company’s stock.

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.