Passage Bio (NASDAQ:PASG) Stock Falls 2.4% – Time to Sell?

Shares of Passage Bio, Inc. (NASDAQ:PASG) dropped 2.4% during trading on Friday. The company traded as low as $3.61 and last traded at $3.69. 12,111 shares were traded during mid-day trading, a decline of 42% from the average session volume of 21,058 shares. The stock had previously closed at $3.78.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Weiss Ratings lowered shares of Passage Bio from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 6th. Wall Street Zen lowered Passage Bio from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $13.25.

Passage Bio Stock Down 2.4%

The firm has a 50 day moving average price of $4.56 and a 200 day moving average price of $5.47. The stock has a market cap of $11.88 million, a PE ratio of -0.33 and a beta of 1.40.

Passage Bio (NASDAQ:PASG) last released its quarterly earnings data on Monday, August 10th. The company reported ($2.44) earnings per share for the quarter, hitting analysts’ consensus estimates of ($2.44). Equities analysts forecast that Passage Bio, Inc. will post -9.19 earnings per share for the current year.

Institutional Investors Weigh In On Passage Bio

A hedge fund recently raised its stake in Passage Bio stock. Eversept Partners LP boosted its holdings in shares of Passage Bio, Inc. (NASDAQ:PASG) by 4.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 131,581 shares of the company’s stock after buying an additional 5,351 shares during the quarter. Eversept Partners LP owned approximately 4.10% of Passage Bio worth $1,033,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 53.48% of the company’s stock.

About Passage Bio

Passage Bio, Inc is a clinical-stage biotechnology company developing genetic medicines for severe diseases of the central nervous system. The company focuses on conditions with significant unmet medical needs and uses adeno-associated virus (AAV) gene-delivery technologies to develop potential one-time treatments intended to address the underlying causes of disease.

Its research and development programs have included investigational therapies for rare neurological and neurodegenerative disorders, including GM1 gangliosidosis, Krabbe disease and frontotemporal dementia associated with progranulin gene mutations.