Chardan Capital Cuts Passage Bio (NASDAQ:PASG) Price Target to $6.00

Passage Bio (NASDAQ:PASG) had its price objective cut by stock analysts at Chardan Capital from $7.00 to $6.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock.

Several other research analysts have also commented on the company. Canaccord Genuity Group restated a “buy” rating and set a $13.00 price target on shares of Passage Bio in a research report on Thursday, November 14th. Wedbush assumed coverage on Passage Bio in a research note on Friday, November 29th. They set an “outperform” rating and a $4.00 target price on the stock.

Passage Bio Price Performance

NASDAQ PASG opened at $0.47 on Tuesday. The stock has a market capitalization of $29.04 million, a P/E ratio of -0.40 and a beta of 1.55. The firm’s 50-day moving average is $0.59 and its two-hundred day moving average is $0.64. Passage Bio has a 12 month low of $0.38 and a 12 month high of $1.79.

Passage Bio (NASDAQ:PASG) last released its quarterly earnings results on Tuesday, March 4th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. As a group, analysts anticipate that Passage Bio will post -1.03 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Lynx1 Capital Management Lp acquired 373,645 shares of the stock in a transaction dated Friday, December 27th. The stock was acquired at an average cost of $0.65 per share, with a total value of $242,869.25. Following the completion of the transaction, the insider now owns 9,256,953 shares in the company, valued at $6,017,019.45. This represents a 4.21 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Orbimed Advisors Llc sold 126,209 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $0.66, for a total transaction of $83,297.94. Following the sale, the insider now owns 7,131,636 shares in the company, valued at $4,706,879.76. The trade was a 1.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 544,168 shares of company stock worth $361,723 in the last ninety days. 4.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PASG. Squarepoint Ops LLC raised its holdings in shares of 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 purchasing an additional 36,172 shares in the last quarter. Shay Capital LLC increased its holdings in Passage Bio by 144.2% in the fourth quarter. Shay Capital LLC now owns 225,261 shares of the company’s stock valued at $128,000 after buying an additional 133,005 shares during the last quarter. Jane Street Group LLC raised its stake in Passage Bio by 537.2% in the fourth quarter. Jane Street Group LLC now owns 78,190 shares of the company’s stock valued at $44,000 after buying an additional 65,919 shares in the last quarter. Northern Trust Corp lifted its holdings in Passage Bio by 55.1% during the 4th quarter. Northern Trust Corp now owns 62,476 shares of the company’s stock worth $35,000 after buying an additional 22,195 shares during the last quarter. Finally, Lynx1 Capital Management LP lifted its holdings in Passage Bio by 9.8% during the 4th quarter. Lynx1 Capital Management LP now owns 9,256,953 shares of the company’s stock worth $5,250,000 after buying an additional 829,998 shares during the last quarter. Hedge funds and other institutional investors 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.