Passage Bio’s (PASG) Buy Rating Reiterated at Canaccord Genuity Group

Passage Bio (NASDAQ:PASG)‘s stock had its “buy” rating reissued by equities researchers at Canaccord Genuity Group in a note issued to investors on Thursday,Benzinga reports. They presently have a $13.00 target price on the stock.

Separately, Rodman & Renshaw began coverage on Passage Bio in a report on Tuesday, September 3rd. They set a “buy” rating and a $7.00 price objective for the company.

Passage Bio Stock Performance

PASG traded up $0.02 on Thursday, hitting $0.60. 42,885 shares of the company were exchanged, compared to its average volume of 261,859. Passage Bio has a fifty-two week low of $0.54 and a fifty-two week high of $1.79. The firm has a market capitalization of $37.06 million, a P/E ratio of -0.44 and a beta of 1.20. The business’s fifty day moving average is $0.65 and its 200 day moving average is $0.88.

Insider Buying and Selling at Passage Bio

In other news, major shareholder Orbimed Advisors Llc sold 63,100 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $0.74, for a total transaction of $46,694.00. Following the completion of the transaction, the insider now directly owns 7,970,900 shares of the company’s stock, valued at $5,898,466. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 4.30% of the company’s stock.

Institutional Trading of Passage Bio

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Passage Bio by 2.6% in the first quarter. Vanguard Group Inc. now owns 2,071,538 shares of the company’s stock valued at $2,797,000 after purchasing an additional 52,656 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of 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 purchasing an additional 356,593 shares during the last quarter. Lynx1 Capital Management LP grew its stake in shares of Passage Bio by 4.4% during the 2nd 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. Landscape Capital Management L.L.C. acquired a new stake in shares of Passage Bio during the 3rd quarter worth $38,000. Finally, Affinity Asset Advisors LLC acquired a new stake in shares of Passage Bio during the 1st quarter worth $357,000. 53.48% of the stock is owned by institutional investors and hedge funds.

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.