Passage Bio (NASDAQ:PASG) Receives “Buy” Rating from Canaccord Genuity Group

Passage Bio (NASDAQ:PASG)‘s stock had its “buy” rating restated by investment analysts at Canaccord Genuity Group in a report issued on Thursday,Benzinga reports. They presently have a $13.00 price objective on the stock.

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

Passage Bio Price Performance

Passage Bio stock opened at $0.52 on Thursday. The stock has a market capitalization of $32.06 million, a PE ratio of -0.44 and a beta of 1.20. The business has a 50 day simple moving average of $0.64 and a 200-day simple moving average of $0.87. Passage Bio has a 12 month low of $0.49 and a 12 month high of $1.79.

Insider Activity

In other news, 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 sale, the insider now directly owns 7,970,900 shares in the company, valued at $5,898,466. This represents a 0.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.30% of the company’s stock.

Institutional Trading of Passage Bio

Several large investors have recently bought and sold shares of the business. Vestal Point Capital LP boosted its holdings in shares of Passage Bio by 0.8% during the 3rd quarter. Vestal Point Capital LP now owns 6,100,000 shares of the company’s stock worth $4,270,000 after purchasing an additional 48,000 shares during the last quarter. Lynx1 Capital Management LP lifted its position in 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 buying an additional 211,758 shares in the last quarter. Erste Asset Management GmbH acquired a new position in Passage Bio during the third quarter worth $1,718,000. Vanguard Group Inc. grew its holdings in Passage Bio by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 2,071,538 shares of the company’s stock valued at $2,797,000 after buying an additional 52,656 shares in the last quarter. Finally, Acadian Asset Management LLC grew its holdings in Passage Bio by 59.0% in the 1st 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 in the last quarter. Hedge funds and other 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.