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

Canaccord Genuity Group reissued their buy rating on shares of Passage Bio (NASDAQ:PASG) in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has a $13.00 price objective on the stock.

Separately, Rodman & Renshaw initiated coverage on Passage Bio in a research note on Tuesday, September 3rd. They set a “buy” rating and a $7.00 price objective on the stock.

Passage Bio Stock Performance

Shares of PASG stock traded down $0.07 during trading hours on Thursday, hitting $0.52. 423,794 shares of the company were exchanged, compared to its average volume of 263,473. Passage Bio has a fifty-two week low of $0.51 and a fifty-two week high of $1.79. The company has a 50 day simple moving average of $0.65 and a two-hundred day simple moving average of $0.88.

Insider Buying and Selling at Passage Bio

In other news, major shareholder Orbimed Advisors Llc sold 63,100 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was 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 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 Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.30% of the company’s stock.

Institutional Trading of Passage Bio

A number of hedge funds have recently bought and sold shares of the company. Lynx1 Capital Management LP lifted its position in Passage Bio by 1,178.1% in the first quarter. Lynx1 Capital Management LP now owns 4,845,871 shares of the company’s stock valued at $6,542,000 after purchasing an additional 4,466,712 shares during the last quarter. Erste Asset Management GmbH purchased a new position in shares of Passage Bio during the third quarter valued at approximately $1,718,000. Acadian Asset Management LLC increased its stake in shares of Passage Bio by 59.0% during the first quarter. Acadian Asset Management LLC now owns 961,271 shares of the company’s stock valued at $1,296,000 after buying an additional 356,593 shares during the period. Affinity Asset Advisors LLC purchased a new position in shares of Passage Bio during the first quarter valued at approximately $357,000. Finally, Landscape Capital Management L.L.C. purchased a new position in shares of Passage Bio during the third quarter valued at approximately $38,000. 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.