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

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

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

Passage Bio Price Performance

Shares of NASDAQ:PASG opened at $0.67 on Friday. The firm has a market capitalization of $41.18 million, a PE ratio of -0.57 and a beta of 1.20. The business has a 50-day moving average of $0.61 and a two-hundred day moving average of $0.82. Passage Bio has a 12 month low of $0.45 and a 12 month high of $1.79.

Insider Transactions at Passage Bio

In other Passage Bio news, major shareholder Lynx1 Capital Management Lp purchased 259,998 shares of Passage Bio stock in a transaction that occurred on Monday, November 25th. The stock was purchased 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 of the company’s stock, valued at approximately $4,864,693.68. This trade represents a 3.09 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Orbimed Advisors Llc sold 63,100 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 7,970,900 shares of the company’s stock, valued at $5,898,466. This 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 Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Landscape Capital Management L.L.C. purchased a new position in Passage Bio in the third quarter valued at about $38,000. Geode Capital Management LLC boosted its holdings in Passage Bio by 18.2% in 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. Vanguard Group Inc. boosted 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 last quarter. Erste Asset Management GmbH purchased a new position in Passage Bio in the third quarter valued at about $1,718,000. Finally, Lynx1 Capital Management LP boosted its holdings in Passage Bio by 4.4% in the second 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. Hedge funds and other institutional investors own 53.48% of the company’s stock.

Passage Bio Company Profile

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.