Zacks Investment Research Upgrades Passage Bio (NASDAQ:PASG) to Hold

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Zacks Investment Research upgraded shares of Passage Bio (NASDAQ:PASG) from a sell rating to a hold rating in a research note released on Saturday, 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 analysts have also recently issued reports on the company. BidaskClub raised Passage Bio from a sell rating to a hold rating in a research note on Thursday, October 15th. JPMorgan Chase & Co. cut Passage Bio from an overweight rating to a neutral rating and set a $25.00 target price for the company. in a research note on Friday, August 14th. Finally, Chardan Capital reissued a buy rating and set a $32.50 target price on shares of Passage Bio in a research note on Thursday, November 12th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $28.13.

Shares of PASG stock opened at $16.47 on Friday. The stock has a 50-day moving average of $16.29 and a 200-day moving average of $19.30. Passage Bio has a one year low of $8.09 and a one year high of $38.23.

Passage Bio (NASDAQ:PASG) last announced its quarterly earnings results on Sunday, November 15th. The company reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.13. As a group, sell-side analysts expect that Passage Bio will post -2.98 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the business. Morgan Stanley bought a new position in shares of Passage Bio in the first quarter worth $4,609,000. Jane Street Group LLC bought a new position in shares of Passage Bio in the second quarter worth $323,000. Gilder Gagnon Howe & Co. LLC bought a new position in shares of Passage Bio in the second quarter worth $1,134,000. Bank of Montreal Can bought a new position in shares of Passage Bio in the second quarter worth $26,000. Finally, Nuveen Asset Management LLC bought a new position in shares of Passage Bio in the second quarter worth $2,386,000. Hedge funds and other institutional investors own 69.43% of the company’s stock.

Passage Bio Company Profile

Passage Bio, Inc, a genetic medicines company, focuses on developing transformative therapies for rare monogenic central nervous system (CNS) diseases. It has research, collaboration, and license agreement with the University of Pennsylvania and its gene therapy program; and The Trustees of the University of Pennsylvania for research and development collaborations, and exclusive license rights to patents for certain products and technologies.

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