Canaccord Genuity Group Reaffirms Buy Rating for Passage Bio (NASDAQ:PASG)

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

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

Passage Bio Stock Performance

NASDAQ PASG opened at $0.52 on Thursday. Passage Bio has a one year low of $0.49 and a one year high of $1.79. The company has a market capitalization of $32.06 million, a price-to-earnings ratio of -0.44 and a beta of 1.20. The company’s 50-day simple moving average is $0.64 and its two-hundred day simple moving average is $0.87.

Insider Activity at Passage Bio

In related news, major shareholder Orbimed Advisors Llc sold 63,100 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 7,970,900 shares in the company, valued at $5,898,466. The trade was a 0.79 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 4.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Passage Bio

Institutional investors and hedge funds have recently bought and sold shares of the company. Vestal Point Capital LP lifted 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 valued at $4,270,000 after purchasing an additional 48,000 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. Landscape Capital Management L.L.C. purchased a new stake in shares of Passage Bio in the third quarter worth about $38,000. Geode Capital Management LLC boosted its stake 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 during the last quarter. Finally, Lynx1 Capital Management LP grew its holdings 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 acquiring an additional 211,758 shares during the period. 53.48% of the stock is 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.