Rodman & Renshaw Initiates Coverage on Passage Bio (NASDAQ:PASG)

Equities researchers at Rodman & Renshaw began coverage on shares of Passage Bio (NASDAQ:PASG) in a research note issued on Tuesday, StockNewsAPI reports. The firm set a “buy” rating and a $7.00 price target on the stock.

Separately, Canaccord Genuity Group lowered their price target on shares of Passage Bio from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Wednesday, May 15th.

Passage Bio Stock Performance

Shares of PASG stock opened at $0.70 on Tuesday. The stock has a market cap of $43.28 million, a PE ratio of -0.46 and a beta of 1.20. Passage Bio has a 1 year low of $0.58 and a 1 year high of $1.79. The stock has a fifty day moving average price of $0.84 and a 200 day moving average price of $1.14.

Passage Bio (NASDAQ:PASG) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.05. As a group, equities research analysts predict that Passage Bio will post -0.94 earnings per share for the current year.

Institutional Trading of Passage Bio

Institutional investors and hedge funds have recently made changes to their positions in the stock. Affinity Asset Advisors LLC acquired a new position in Passage Bio in the 1st quarter valued at about $357,000. Pale Fire Capital SE raised its position in shares of Passage Bio by 489.1% in the fourth quarter. Pale Fire Capital SE now owns 581,257 shares of the company’s stock valued at $587,000 after buying an additional 482,595 shares during the last quarter. Acadian Asset Management LLC lifted its stake in shares of Passage Bio by 59.0% during the first 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 during the period. Vanguard Group Inc. boosted its position in 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 last quarter. Finally, Lynx1 Capital Management LP boosted 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 acquiring an additional 211,758 shares during the last quarter. 53.48% of the stock is currently owned by hedge funds and other institutional investors.

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.