Passage Bio (NASDAQ:PASG) Given Buy Rating at Chardan Capital

Chardan Capital reaffirmed their buy rating on shares of Passage Bio (NASDAQ:PASG) in a research report released on Thursday morning,Benzinga reports. They currently have a $7.00 target price on the stock.

Several other analysts have also recently commented on PASG. Rodman & Renshaw started coverage on shares of Passage Bio in a research report on Tuesday, September 3rd. They set a “buy” rating and a $7.00 target price for the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $13.00 price objective on shares of Passage Bio in a report on Thursday.

Passage Bio Price Performance

Shares of NASDAQ:PASG opened at $0.52 on Thursday. The stock has a market cap of $32.06 million, a price-to-earnings ratio of -0.44 and a beta of 1.20. The company has a 50 day moving average of $0.64 and a 200-day moving average of $0.87. Passage Bio has a one year low of $0.49 and a one year high of $1.79.

Insider Activity at Passage Bio

In related news, major shareholder Orbimed Advisors Llc sold 63,100 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $0.74, for a total transaction of $46,694.00. Following the sale, the insider now owns 7,970,900 shares of the company’s stock, valued at approximately $5,898,466. This trade represents a 0.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Passage Bio

A number of hedge funds have recently modified their holdings of PASG. Vestal Point Capital LP increased its stake in Passage Bio by 0.8% during the 3rd quarter. Vestal Point Capital LP now owns 6,100,000 shares of the company’s stock worth $4,270,000 after purchasing an additional 48,000 shares in the last quarter. Lynx1 Capital Management LP boosted its holdings in shares of Passage Bio by 4.4% in the second quarter. Lynx1 Capital Management LP now owns 5,057,629 shares of the company’s stock valued at $4,017,000 after buying an additional 211,758 shares during the period. Erste Asset Management GmbH bought a new stake in shares of Passage Bio during the third quarter worth $1,718,000. Vanguard Group Inc. raised its holdings in shares of Passage Bio by 2.6% during the first quarter. Vanguard Group Inc. now owns 2,071,538 shares of the company’s stock worth $2,797,000 after acquiring an additional 52,656 shares during the period. Finally, Acadian Asset Management LLC lifted its position in Passage Bio by 59.0% in the 1st quarter. Acadian Asset Management LLC now owns 961,271 shares of the company’s stock valued at $1,296,000 after acquiring an additional 356,593 shares in the last quarter. Institutional investors and hedge funds own 53.48% of the company’s stock.

About Passage Bio

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.