Canaccord Genuity Group Reiterates Buy Rating for Passage Bio (NASDAQ:PASG)

Canaccord Genuity Group reiterated their buy rating on shares of Passage Bio (NASDAQ:PASG) in a research note published on Thursday,Benzinga reports. They currently have a $13.00 price target on the stock.

Separately, Rodman & Renshaw initiated coverage on Passage Bio in a research note on Tuesday, September 3rd. They set a “buy” rating and a $7.00 price objective on the stock.

Passage Bio Stock Performance

NASDAQ:PASG opened at $0.52 on Thursday. Passage Bio has a 52-week low of $0.49 and a 52-week high of $1.79. The firm has a market cap of $32.06 million, a price-to-earnings ratio of -0.44 and a beta of 1.20. The business’s fifty day moving average is $0.64 and its 200 day moving average is $0.87.

Insiders Place Their Bets

In other Passage Bio news, major shareholder Orbimed Advisors Llc sold 63,100 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $0.74, for a total value of $46,694.00. Following the transaction, the insider now directly owns 7,970,900 shares in the company, valued at $5,898,466. This represents a 0.79 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Passage Bio

A number of institutional investors have recently added to or reduced their stakes in the business. Landscape Capital Management L.L.C. bought a new position in shares of Passage Bio during the 3rd quarter valued at about $38,000. Geode Capital Management LLC increased its position in shares of Passage Bio by 18.2% during the 3rd quarter. Geode Capital Management LLC now owns 509,516 shares of the company’s stock valued at $357,000 after purchasing an additional 78,406 shares during the last quarter. Affinity Asset Advisors LLC bought a new position in shares of Passage Bio during the 1st quarter valued at about $357,000. Acadian Asset Management LLC increased its position in shares of Passage Bio by 59.0% during the 1st quarter. Acadian Asset Management LLC now owns 961,271 shares of the company’s stock valued at $1,296,000 after purchasing an additional 356,593 shares during the last quarter. Finally, Erste Asset Management GmbH bought a new position in shares of Passage Bio during the 3rd quarter valued at about $1,718,000. 53.48% of the stock is currently owned by institutional investors.

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.