Passage Bio (NASDAQ:PASG) Price Target Cut to $13.00 by Analysts at Canaccord Genuity Group

Passage Bio (NASDAQ:PASG - Get Free Report) had its target price reduced by research analysts at Canaccord Genuity Group from $14.00 to $13.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock.

Passage Bio Trading Down 3.4 %

NASDAQ:PASG traded down $0.04 during trading hours on Wednesday, hitting $1.28. The company had a trading volume of 70,979 shares, compared to its average volume of 318,785. Passage Bio has a 1 year low of $0.58 and a 1 year high of $1.79. The company has a market cap of $78.86 million, a P/E ratio of -0.69 and a beta of 1.28. The company has a 50-day moving average of $1.35 and a 200 day moving average of $1.08.

Passage Bio (NASDAQ:PASG - Get Free Report) last announced its quarterly earnings data on Monday, March 4th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.41) by $0.11. On average, analysts forecast that Passage Bio will post -1.27 earnings per share for the current year.

Institutional Investors Weigh In On Passage Bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PASG. Affinity Asset Advisors LLC acquired a new stake in shares of Passage Bio in the first quarter valued at $357,000. Pale Fire Capital SE increased its holdings in Passage Bio by 489.1% during the 4th quarter. Pale Fire Capital SE now owns 581,257 shares of the company's stock worth $587,000 after purchasing an additional 482,595 shares during the period. Acadian Asset Management LLC raised its position in Passage Bio by 4.5% in the 3rd quarter. Acadian Asset Management LLC now owns 604,678 shares of the company's stock valued at $396,000 after purchasing an additional 25,872 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Passage Bio by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 2,071,538 shares of the company's stock valued at $2,797,000 after purchasing an additional 52,656 shares in the last quarter. Hedge funds and other institutional investors own 53.48% of the company's stock.

Passage Bio Company Profile

Passage Bio, Inc, a genetic medicines company, develops gene therapies for central nervous system diseases. It develops PBGM01, a functional GLB1 gene encoding ß-galactosidase for infantile GM1; PBFT02, a functional granulin (GRN) and gene encoding progranulin (PGRN) for the treatment of FTD caused by progranulin deficiency; and PBKR03, a functional GALC gene encoding the hydrolytic enzyme galactosylceramidase for infantile Krabbe disease.