Passage Bio, Inc. (NASDAQ:PASG) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Passage Bio, Inc. (NASDAQ:PASGGet Rating) have received an average recommendation of “Moderate Buy” from the seven research firms that are currently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $13.20.

Several equities research analysts have commented on the stock. Citigroup decreased their target price on shares of Passage Bio from $10.00 to $7.00 in a research report on Friday, August 5th. Chardan Capital lowered their target price on shares of Passage Bio from $34.00 to $18.00 in a research report on Friday, August 5th.

Passage Bio Price Performance

NASDAQ:PASG opened at $1.49 on Wednesday. The firm has a market cap of $81.15 million, a price-to-earnings ratio of -0.45 and a beta of 0.95. Passage Bio has a 1-year low of $1.47 and a 1-year high of $11.37. The firm’s fifty day moving average price is $2.02 and its 200 day moving average price is $2.32.

Passage Bio (NASDAQ:PASGGet Rating) last announced its quarterly earnings data on Thursday, August 4th. The company reported ($0.73) EPS for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.04. During the same quarter last year, the company posted ($0.90) earnings per share. As a group, analysts expect that Passage Bio will post -2.94 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Passage Bio

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Federated Hermes Inc. increased its stake in shares of Passage Bio by 9,044.2% during the 1st quarter. Federated Hermes Inc. now owns 9,510 shares of the company’s stock worth $29,000 after purchasing an additional 9,406 shares in the last quarter. Prudential Financial Inc. purchased a new position in Passage Bio during the second quarter worth $27,000. Ensign Peak Advisors Inc acquired a new position in shares of Passage Bio in the fourth quarter worth $84,000. Prelude Capital Management LLC purchased a new stake in shares of Passage Bio in the first quarter valued at $45,000. Finally, Virginia Retirement Systems ET AL acquired a new stake in shares of Passage Bio during the first quarter valued at $50,000. Institutional investors and hedge funds own 82.59% 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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Analyst Recommendations for Passage Bio (NASDAQ:PASG)

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