Passage Bio’s (PASG) Buy Rating Reaffirmed at Chardan Capital

Passage Bio (NASDAQ:PASG)‘s stock had its “buy” rating restated by investment analysts at Chardan Capital in a report released on Thursday,Benzinga reports. They currently have a $7.00 price target on the stock.

A number of other analysts also recently commented on PASG. Canaccord Genuity Group reiterated a “buy” rating and issued a $13.00 target price on shares of Passage Bio in a report on Thursday. Rodman & Renshaw assumed coverage on shares of Passage Bio in a report on Tuesday, September 3rd. They issued a “buy” rating and a $7.00 target price on the stock.

Passage Bio Price Performance

NASDAQ PASG opened at $0.52 on Thursday. The company’s 50 day simple moving average is $0.64 and its 200 day simple moving average is $0.87. Passage Bio has a 12 month low of $0.49 and a 12 month high of $1.79. The company has a market capitalization of $32.06 million, a P/E ratio of -0.44 and a beta of 1.20.

Insider Transactions at Passage Bio

In related news, major shareholder Orbimed Advisors Llc sold 63,100 shares of the business’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 transaction, the insider now directly owns 7,970,900 shares of the company’s stock, valued at approximately $5,898,466. The trade was a 0.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.30% of the stock is currently owned by insiders.

Institutional Trading of Passage Bio

Several large investors have recently added to or reduced their stakes in PASG. Vestal Point Capital LP lifted its stake in shares of Passage Bio by 0.8% in the third quarter. Vestal Point Capital LP now owns 6,100,000 shares of the company’s stock worth $4,270,000 after buying an additional 48,000 shares during the last quarter. Vanguard Group Inc. raised 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 during the last quarter. Landscape Capital Management L.L.C. acquired a new position in Passage Bio during the 3rd quarter valued at $38,000. Lynx1 Capital Management LP raised 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 during the last quarter. Finally, Affinity Asset Advisors LLC acquired a new position in Passage Bio during the 1st quarter valued at $357,000. 53.48% of the stock is owned by institutional investors.

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.