Passage Bio (NASDAQ:PASG) Earns Buy Rating from Chardan Capital

Passage Bio (NASDAQ:PASG)‘s stock had its “buy” rating reaffirmed by Chardan Capital in a note issued to investors on Tuesday,Benzinga reports. They presently have a $6.00 target price on the stock.

Passage Bio Stock Down 7.3%

Shares of Passage Bio stock opened at $0.33 on Tuesday. Passage Bio has a 12-month low of $0.26 and a 12-month high of $1.33. The stock has a market cap of $20.26 million, a P/E ratio of -0.32 and a beta of 1.71. The business’s 50 day moving average is $0.37 and its 200-day moving average is $0.48.

Passage Bio (NASDAQ:PASG) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). On average, sell-side analysts expect that Passage Bio will post -1.03 EPS for the current year.

Insider Transactions at Passage Bio

In related news, major shareholder Orbimed Advisors Llc sold 77,090 shares of the stock in a transaction on Thursday, April 17th. The stock was sold at an average price of $0.33, for a total value of $25,439.70. Following the sale, the insider now owns 6,885,572 shares in the company, valued at approximately $2,272,238.76. This represents a 1.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 233,660 shares of company stock worth $77,723 in the last 90 days. Corporate insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Passage Bio

A number of large investors have recently added to or reduced their stakes in PASG. Simplex Trading LLC raised its stake in Passage Bio by 9,311.0% in the 1st quarter. Simplex Trading LLC now owns 82,346 shares of the company’s stock valued at $29,000 after acquiring an additional 81,471 shares during the period. Tower Research Capital LLC TRC raised its stake in Passage Bio by 983.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 54,479 shares of the company’s stock valued at $31,000 after acquiring an additional 49,449 shares during the period. Northern Trust Corp raised its stake in Passage Bio by 55.1% in the 4th quarter. Northern Trust Corp now owns 62,476 shares of the company’s stock valued at $35,000 after acquiring an additional 22,195 shares during the period. Squarepoint Ops LLC raised its stake in Passage Bio by 129.5% in the 4th quarter. Squarepoint Ops LLC now owns 64,099 shares of the company’s stock valued at $36,000 after acquiring an additional 36,172 shares during the period. Finally, Jane Street Group LLC raised its stake in Passage Bio by 537.2% in the 4th quarter. Jane Street Group LLC now owns 78,190 shares of the company’s stock valued at $44,000 after acquiring an additional 65,919 shares during the period. 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.