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

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

Separately, 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 Stock Performance

PASG stock traded up $0.02 during midday trading on Thursday, reaching $0.60. 42,885 shares of the company were exchanged, compared to its average volume of 261,859. The company has a market cap of $37.06 million, a price-to-earnings ratio of -0.44 and a beta of 1.20. Passage Bio has a 1-year low of $0.54 and a 1-year high of $1.79. The stock’s 50-day simple moving average is $0.65 and its 200 day simple moving average is $0.88.

Insider Activity at Passage Bio

In other Passage Bio news, major shareholder Orbimed Advisors Llc sold 63,100 shares of the firm’s stock in a transaction 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 4.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PASG. Landscape Capital Management L.L.C. acquired a new stake in shares of Passage Bio during the third quarter worth $38,000. Affinity Asset Advisors LLC acquired a new stake in shares of Passage Bio in the 1st quarter worth $357,000. Acadian Asset Management LLC boosted its holdings in shares of Passage Bio by 59.0% in the first quarter. Acadian Asset Management LLC now owns 961,271 shares of the company’s stock valued at $1,296,000 after acquiring an additional 356,593 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Passage Bio by 2.6% during the first quarter. Vanguard Group Inc. now owns 2,071,538 shares of the company’s stock worth $2,797,000 after acquiring an additional 52,656 shares during the period. Finally, 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 period. 53.48% of the stock is currently owned by hedge funds and other 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.