Passage Bio, Inc. (NASDAQ:PASG) Given Consensus Recommendation of “Buy” by Analysts

Shares of Passage Bio, Inc. (NASDAQ:PASG – Get Rating) have earned an average rating of “Buy” from the seven analysts that are presently covering the stock, Marketbeat Ratings reports. Six analysts have rated the stock with a buy rating. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $8.80.

A number of equities research analysts have recently issued reports on the company. Chardan Capital lowered their target price on Passage Bio from $18.00 to $11.00 and set a “buy” rating for the company in a research note on Thursday, December 15th. BTIG Research lowered their price objective on shares of Passage Bio to $9.00 in a research report on Wednesday, November 16th. Finally, Wedbush reissued an “outperform” rating on shares of Passage Bio in a research report on Monday, March 6th.

Passage Bio Stock Up 5.5 %

PASG opened at $1.15 on Wednesday. The company has a 50 day moving average of $1.44 and a two-hundred day moving average of $1.40. Passage Bio has a 52-week low of $1.04 and a 52-week high of $3.56. The company has a market cap of $62.81 million, a P/E ratio of -0.46 and a beta of 1.03.

Passage Bio (NASDAQ:PASG – Get Rating) last announced its quarterly earnings results on Monday, March 6th. The company reported ($0.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.02). During the same period in the previous year, the firm earned ($0.93) EPS. Research analysts anticipate that Passage Bio will post -1.92 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Lynx1 Capital Management LP increased its stake in shares of Passage Bio by 553.1% in the third quarter. Lynx1 Capital Management LP now owns 2,752,422 shares of the company’s stock worth $3,441,000 after buying an additional 2,331,012 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Passage Bio by 9.4% in the third quarter. Vanguard Group Inc. now owns 2,017,050 shares of the company’s stock worth $2,521,000 after buying an additional 173,537 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Passage Bio by 23.0% in the third quarter. Renaissance Technologies LLC now owns 1,261,400 shares of the company’s stock worth $1,577,000 after buying an additional 235,795 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Passage Bio by 31.0% in the first quarter. JPMorgan Chase & Co. now owns 777,538 shares of the company’s stock worth $2,410,000 after buying an additional 184,079 shares during the last quarter. Finally, State Street Corp increased its stake in shares of Passage Bio by 6.1% in the first quarter. State Street Corp now owns 760,352 shares of the company’s stock worth $2,357,000 after buying an additional 43,719 shares during the last quarter. 76.99% of the stock is owned by institutional investors and hedge funds.

About Passage Bio

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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.