Passage Bio (NASDAQ:PASG) Earns Outperform Rating from Analysts at Wedbush

Investment analysts at Wedbush assumed coverage on shares of Passage Bio (NASDAQ:PASG) in a research report issued to clients and investors on Friday. The firm set an “outperform” rating and a $4.00 price target on the stock.

Several other analysts have also recently issued reports on the company. Chardan Capital restated a “buy” rating and set a $7.00 price objective on shares of Passage Bio in a research note on Thursday, November 14th. Rodman & Renshaw initiated coverage on Passage Bio in a research report on Tuesday, September 3rd. They set a “buy” rating and a $7.00 price target on the stock. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $13.00 price target on shares of Passage Bio in a research report on Thursday, November 14th.

Passage Bio Stock Down 11.2 %

Shares of NASDAQ PASG opened at $0.67 on Friday. The stock’s 50 day moving average price is $0.61 and its two-hundred day moving average price is $0.82. Passage Bio has a 52-week low of $0.45 and a 52-week high of $1.79. The stock has a market capitalization of $41.18 million, a P/E ratio of -0.57 and a beta of 1.20.

Insider Transactions at Passage Bio

In other Passage Bio news, major shareholder Lynx1 Capital Management Lp bought 259,998 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were purchased at an average cost of $0.56 per share, for a total transaction of $145,598.88. Following the transaction, the insider now directly owns 8,686,953 shares in the company, valued at $4,864,693.68. The trade was a 3.09 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $46,694.00. Following the completion of the sale, the insider now owns 7,970,900 shares in the company, valued at approximately $5,898,466. This represents a 0.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.30% of the company’s stock.

Institutional Trading of Passage Bio

Large investors have recently added to or reduced their stakes in the business. Landscape Capital Management L.L.C. acquired a new stake in Passage Bio in the 3rd quarter valued at approximately $38,000. Geode Capital Management LLC boosted its stake in 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 in the last quarter. Vanguard Group Inc. boosted its stake in Passage Bio by 2.6% during the 1st 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 in the last quarter. Erste Asset Management GmbH bought a new position in Passage Bio during the 3rd quarter valued at $1,718,000. Finally, Lynx1 Capital Management LP boosted its stake in 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 purchasing an additional 211,758 shares in the last quarter. 53.48% of the stock is currently 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.