Zacks Investment Research Upgrades Passage Bio (NASDAQ:PASG) to “Buy”

Passage Bio (NASDAQ:PASGGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday, Zacks.com reports. The firm presently has a $3.00 price target on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 12.36% from the stock’s current price.

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. “

PASG has been the subject of several other reports. Chardan Capital lowered their price objective on shares of Passage Bio from $43.00 to $34.00 in a research note on Friday, March 11th. JPMorgan Chase & Co. cut shares of Passage Bio from an “overweight” rating to a “neutral” rating in a research note on Tuesday, March 8th. Citigroup lowered their price objective on shares of Passage Bio from $15.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday, May 17th. Raymond James lowered their price objective on shares of Passage Bio from $29.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, March 4th. Finally, BTIG Research reduced their target price on shares of Passage Bio to $11.00 and set a “na” rating on the stock in a report on Tuesday, May 17th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Passage Bio currently has an average rating of “Buy” and an average price target of $14.67.

Shares of Passage Bio stock opened at $2.67 on Thursday. Passage Bio has a 1 year low of $1.57 and a 1 year high of $16.14. The company has a market capitalization of $145.00 million, a P/E ratio of -0.76 and a beta of 1.85. The business has a 50 day moving average price of $2.34 and a 200 day moving average price of $4.11.

Passage Bio (NASDAQ:PASGGet Rating) last released its earnings results on Monday, May 16th. The company reported ($0.79) EPS for the quarter, topping the consensus estimate of ($0.88) by $0.09. During the same quarter in the previous year, the firm earned ($0.76) earnings per share. As a group, equities research analysts expect that Passage Bio will post -3.16 earnings per share for the current fiscal year.

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

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Federated Hermes Inc. boosted its holdings in shares of Passage Bio by 9,044.2% in the first quarter. Federated Hermes Inc. now owns 9,510 shares of the company’s stock valued at $29,000 after acquiring an additional 9,406 shares in the last quarter. Prelude Capital Management LLC bought a new position in shares of Passage Bio in the first quarter valued at approximately $45,000. Royal Bank of Canada boosted its holdings in shares of Passage Bio by 39.7% in the second quarter. Royal Bank of Canada now owns 3,659 shares of the company’s stock valued at $49,000 after acquiring an additional 1,039 shares in the last quarter. Virginia Retirement Systems ET AL bought a new position in shares of Passage Bio in the first quarter valued at approximately $50,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Passage Bio by 847.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,886 shares of the company’s stock valued at $55,000 after acquiring an additional 15,998 shares in the last quarter. Hedge funds and other 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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