Passage Bio (NASDAQ:PASG) Now Covered by Wedbush

Wedbush began coverage on shares of Passage Bio (NASDAQ:PASG) in a report released on Friday, MarketBeat.com reports. The brokerage issued an outperform rating and a $4.00 price target on the stock.

Other analysts have also issued research reports about the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $13.00 price objective on shares of Passage Bio in a research note on Thursday, November 14th. Chardan Capital restated a “buy” rating and issued a $7.00 target price on shares of Passage Bio in a research note on Thursday, November 14th. Finally, 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 on the stock.

Passage Bio Price Performance

NASDAQ PASG opened at $1.13 on Friday. The stock has a market capitalization of $69.80 million, a P/E ratio of -0.79 and a beta of 1.20. The business has a 50 day simple moving average of $0.61 and a 200 day simple moving average of $0.82. Passage Bio has a one year low of $0.45 and a one year high of $1.79.

Insider Buying and Selling

In other Passage Bio news, major shareholder Lynx1 Capital Management Lp acquired 259,998 shares of the business’s stock in a transaction on Monday, November 25th. The shares were acquired at an average price of $0.56 per share, with a total value of $145,598.88. Following the completion of the transaction, the insider now owns 8,686,953 shares in the company, valued at approximately $4,864,693.68. This trade represents a 3.09 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, 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 directly owns 7,970,900 shares in the company, valued at $5,898,466. This trade represents a 0.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PASG. Geode Capital Management LLC lifted its holdings in shares of Passage Bio by 18.2% in the third quarter. Geode Capital Management LLC now owns 509,516 shares of the company’s stock worth $357,000 after buying an additional 78,406 shares in the last quarter. Erste Asset Management GmbH purchased a new stake in Passage Bio in the 3rd quarter worth approximately $1,718,000. Vestal Point Capital LP boosted its holdings in Passage Bio by 0.8% in the 3rd quarter. Vestal Point Capital LP now owns 6,100,000 shares of the company’s stock valued at $4,270,000 after purchasing an additional 48,000 shares during the period. Landscape Capital Management L.L.C. purchased a new position in shares of Passage Bio during the 3rd quarter valued at $38,000. Finally, Lynx1 Capital Management LP increased its holdings in shares of Passage Bio by 4.4% in the second quarter. Lynx1 Capital Management LP now owns 5,057,629 shares of the company’s stock worth $4,017,000 after purchasing an additional 211,758 shares during the period. 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.