Wedbush Begins Coverage on Passage Bio (NASDAQ:PASG)

Research analysts at Wedbush began coverage on shares of Passage Bio (NASDAQ:PASG) in a research report issued to clients and investors on Friday, Marketbeat reports. The brokerage set an “outperform” rating and a $4.00 price target on the stock. Wedbush’s price objective suggests a potential upside of 253.98% from the stock’s current price.

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

Passage Bio Trading Up 69.5 %

Shares of NASDAQ:PASG opened at $1.13 on Friday. The business’s 50 day moving average is $0.62 and its 200-day moving average is $0.82. The firm has a market capitalization of $69.80 million, a PE ratio of -0.97 and a beta of 1.20. Passage Bio has a 1-year low of $0.45 and a 1-year high of $1.79.

Insider Buying and Selling at Passage Bio

In other news, major shareholder Lynx1 Capital Management Lp acquired 259,998 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was bought at an average price of $0.56 per share, with a total value of $145,598.88. Following the completion of the acquisition, the insider now owns 8,686,953 shares in the company, valued at approximately $4,864,693.68. This represents a 3.09 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Orbimed Advisors Llc sold 63,100 shares of Passage Bio 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 owns 7,970,900 shares of the company’s stock, valued at $5,898,466. This trade represents a 0.79 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 4.30% of the company’s stock.

Institutional Trading of Passage Bio

Several large investors have recently made changes to their positions in PASG. Erste Asset Management GmbH bought a new position in shares of Passage Bio in the third quarter valued at about $1,718,000. Lynx1 Capital Management LP lifted its position in shares of Passage Bio by 4.4% during the second quarter. Lynx1 Capital Management LP now owns 5,057,629 shares of the company’s stock worth $4,017,000 after purchasing an additional 211,758 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Passage Bio by 18.2% during the third 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. Landscape Capital Management L.L.C. acquired a new stake in shares of Passage Bio in the third quarter valued at approximately $38,000. Finally, Vanguard Group Inc. raised its position in Passage Bio by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 2,071,538 shares of the company’s stock worth $2,797,000 after purchasing an additional 52,656 shares during the last quarter. 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.