The stock of Passage Bio, Inc. (NASDAQ:PASG) is now priced at $16.02 and the shares are 1.65 points up or 11.48% higher compared to its previous closing price of $14.37. The stock had 1.285 million contracts set over the past session. PASG shares’ daily volume is compared to its average trading volume at 236248 shares. However, it has a float of 36.66 million and although its performance was 8.35% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the PASG share price recently placing at $13.95 to $16.98. However, some brokerage firms have priced the stock below the average, including one that has called $25.
The shorts are climbing into the Passage Bio, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the PASG shares have risen. Short interest in the stock represents just 4.3% of its float, but the volume has raised by 153014. The volume of shorted shares rised to 1.576 million from 1.423 million shares over the last two weeks. The average intraday trading volume has been 157043 shares, which means that days to cover moved to roughly 10.038085.
Looking at current readings, Passage Bio, Inc.’s two-week RSI is 46.51. This suggests that the stock is neutral at the moment and that PASG shares’ price movement remains stable. The stochastic readings are equally revealing at 44.89% meaning the PASG share price is currently in neutral territory.
The technical chart shows that the PASG stock will likely settle at between $17.35 and $18.68 per share. However, if the stock dips below $14.32, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $12.62.
Currently, the stock is trading in the green of MACD, with a reading of 0.41. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at JP Morgan cut their recommendation for PASG from Overweight to Neutral in August 14 review while maintai their target price of $25. Goldman analysts downgraded their recommendation of the stock from Buy to Neutral while keeping its target price at $28 in a flash note released to investors on June 25. Chardan Capital Markets analysts see the stock as Buy when the analysts initiated the share price coverage on March 25, placing it at $30.
The average rating for the PASG equity is 2.25 and is currently gathering a bullish momentum. Of 4 analysts tracking Passage Bio, Inc. polled by Reuters, 2 rated PASG as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (2) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.