Chardan Capital Reaffirms Buy Rating for Passage Bio (NASDAQ:PASG)

Passage Bio (NASDAQ:PASG)‘s stock had its “buy” rating reiterated by investment analysts at Chardan Capital in a report released on Thursday,Benzinga reports. They currently have a $7.00 price objective on the stock.

A number of other research firms have also commented on PASG. Canaccord Genuity Group restated a “buy” rating and issued a $13.00 price objective on shares of Passage Bio in a research note on Thursday. Rodman & Renshaw initiated 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 on the stock.

Passage Bio Trading Down 12.1 %

Passage Bio stock opened at $0.52 on Thursday. The stock has a market cap of $32.06 million, a P/E ratio of -0.44 and a beta of 1.20. The company has a fifty 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.

Insiders Place Their Bets

In other news, major shareholder Orbimed Advisors Llc sold 63,100 shares of Passage Bio 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 approximately $5,898,466. The trade was a 0.79 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Landscape Capital Management L.L.C. acquired a new position in Passage Bio during the 3rd quarter valued at about $38,000. Affinity Asset Advisors LLC acquired a new position in Passage Bio during the 1st quarter valued at about $357,000. Acadian Asset Management LLC boosted its stake in Passage Bio by 59.0% during the 1st quarter. Acadian Asset Management LLC now owns 961,271 shares of the company’s stock valued at $1,296,000 after purchasing an additional 356,593 shares during the period. Erste Asset Management GmbH bought a new stake in shares of Passage Bio during the 3rd quarter worth about $1,718,000. Finally, Vanguard Group Inc. raised its position in shares of Passage Bio by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 2,071,538 shares of the company’s stock worth $2,797,000 after buying an additional 52,656 shares in the last quarter. 53.48% of the stock is owned by institutional investors and hedge funds.

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.