Passage Bio (NASDAQ:PASG) Stock Rating Lowered by Zacks Investment Research

Passage Bio (NASDAQ:PASGGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Passage Bio Inc. is a genetic medicines company. It is focused on developing transformative therapies for rare, monogenic central nervous system diseases. The company’s principal product includes GM1 gangliosidosis, frontotemporal dementia and Krabbe disease which is in clinical stage. Passage Bio Inc. is based in Philadelphia, United States. “

A number of other research analysts have also recently commented on PASG. Raymond James dropped their price target on Passage Bio from $29.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, March 4th. JPMorgan Chase & Co. lowered Passage Bio from an “overweight” rating to a “neutral” rating in a research report on Tuesday, March 8th. Citigroup lowered their target price on Passage Bio from $15.00 to $10.00 and set a “buy” rating for the company in a research report on Tuesday, May 17th. Wedbush reaffirmed an “outperform” rating on shares of Passage Bio in a research report on Thursday, March 3rd. Finally, Chardan Capital lowered their target price on Passage Bio from $43.00 to $34.00 in a research report on Friday, March 11th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $14.50.

Shares of PASG opened at $2.59 on Wednesday. Passage Bio has a 52 week low of $1.57 and a 52 week high of $16.14. The stock has a market capitalization of $140.66 million, a price-to-earnings ratio of -0.74 and a beta of 1.85. The stock has a fifty day moving average of $2.35 and a 200-day moving average of $4.12.

Passage Bio (NASDAQ:PASGGet Rating) last announced its quarterly earnings results on Monday, May 16th. The company reported ($0.79) EPS for the quarter, beating analysts’ consensus estimates of ($0.88) by $0.09. During the same period in the prior year, the firm earned ($0.76) earnings per share. On average, research analysts anticipate that Passage Bio will post -3.16 earnings per share for the current fiscal year.

In other news, CEO Bruce A. Goldsmith bought 10,000 shares of the company’s stock in a transaction on Monday, March 21st. The shares were purchased at an average price of $3.15 per share, with a total value of $31,500.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Orbimed Advisors Llc purchased 221,500 shares of the stock in a transaction that occurred on Tuesday, May 3rd. The stock was bought at an average cost of $1.93 per share, for a total transaction of $427,495.00. Following the acquisition, the insider now directly owns 6,537,923 shares in the company, valued at approximately $12,618,191.39. The disclosure for this purchase can be found here. Company insiders own 14.10% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Royal Bank of Canada grew its position in Passage Bio by 39.7% in the second quarter. Royal Bank of Canada now owns 3,659 shares of the company’s stock worth $49,000 after acquiring an additional 1,039 shares in the last quarter. Denali Advisors LLC purchased a new position in shares of Passage Bio during the fourth quarter valued at about $56,000. Federated Hermes Inc. increased its position in shares of Passage Bio by 9,044.2% during the first quarter. Federated Hermes Inc. now owns 9,510 shares of the company’s stock valued at $29,000 after buying an additional 9,406 shares during the period. Jane Street Group LLC bought a new stake in shares of Passage Bio during the 3rd quarter valued at $114,000. Finally, Ensign Peak Advisors Inc purchased a new position in Passage Bio during the fourth quarter valued at $84,000. Institutional investors own 79.56% of the company’s stock.

About Passage Bio (Get Rating)

Passage Bio, Inc, a genetic medicines company, develops transformative therapies for central nervous system diseases. It develops PBGM01, which utilizes a proprietary, AAVhu68 capsid to deliver to the brain and peripheral tissues a functional GLB1 gene encoding lysosomal acid beta-galactosidase for infantile GM1; PBFT02, which utilizes an AAV1 capsid to deliver to the brain a functional granulin (GRN) and gene encoding progranulin (PGRN) for the treatment of FTD-GRN; and PBKR03, which utilizes a proprietary, AAVhu68 capsid to deliver to the brain and peripheral tissues a functional GALC gene encoding the hydrolytic enzyme galactosylceramidase for infantile Krabbe disease.

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