The share price of Passage Bio Inc. (NASDAQ:PASG) rose to $1.24 per share on Wednesday from $1.20. While Passage Bio Inc. has overperformed by 3.33%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, PASG fell by -83.49%, with highs and lows ranging from $8.07 to $1.11, whereas the simple moving average fell by -44.09% in the last 200 days.
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On March 08, 2022, JP Morgan Downgraded Passage Bio Inc. (NASDAQ: PASG) to Neutral. A report published by Goldman on January 19, 2022, Downgraded its rating to ‘Neutral’ for PASG. Raymond James also rated PASG shares as ‘Outperform’, setting a target price of $29 on the company’s shares in an initiating report dated July 01, 2021. BTIG Research Initiated an Buy rating on June 15, 2021, and assigned a price target of $25. Goldman March 04, 2021d its ‘Neutral’ rating to ‘Buy’ for PASG, as published in its report on March 04, 2021. Guggenheim’s report from February 04, 2021 suggests a price prediction of $25 for PASG shares, giving the stock a ‘Buy’ rating. Wedbush also rated the stock as ‘Outperform’.
Analysis of Passage Bio Inc. (PASG)
To gain a thorough understanding of Passage Bio Inc.’s future performance, several well-rounded types of analysis and research techniques can be used, with equity being among the most crucial. The goal here is to ensure that your current return on equity of -59.80% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 10.30, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
It is also very valuable to look at average volume as an indicator of volatility for a stock, and PASG is recording an average volume of 241.82K. On a monthly basis, the volatility of the stock is set at 9.10%, whereas on a weekly basis, it is put at 11.09%, with a loss of -12.06% over the past seven days. Furthermore, long-term investors anticipate a median target price of $8.50, showing growth from the present price of $1.24, which can serve as yet another indication of whether PASG is worth investing in or should be passed over.
How Do You Analyze Passage Bio Inc. Shares?
The number of employees owning shares of the company should also be considered in addition to the fundamentals. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 9.71%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 70.70% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in PASG shares?
The recent increase in stakes in PASG appears to be a result of several institutional investors and hedge funds increasing their positions. Lynx1 Capital Management LP’s position in PASG has increased by 553.15% in the first quarter. The company now owns 2,752,422 shares of the stock, with a value of $3.36 million, following the purchase of 2,331,012 additional shares during the last quarter. The Vanguard Group, Inc. made another increased to its shares in PASG during the first quarter, upping its stake by 9.48%. During the last quarter, the company dropped down 173,537 additional shares for a total stake of worth $2.45 million, bringing number of shares owned by the company to 2,004,298.
During the first quarter, Deep Track Capital LP subtracted a -880,938 position in PASG. Renaissance Technologies LLC purchased an additional 0.24 million shares in the last quarter, increasing its holdings by 22.99%, now holding 1.26 million shares worth $1.54 million. PASG shares are owned by institutional investors to the tune of 70.70% at present.