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

Canaccord Genuity Group reissued their buy rating on shares of Passage Bio (NASDAQ:PASG) in a research report sent to investors on Thursday,Benzinga reports. They currently have a $13.00 price target on the stock.

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

Passage Bio Stock Down 12.1 %

Shares of NASDAQ:PASG opened at $0.52 on Thursday. The stock has a market cap of $32.06 million, a price-to-earnings ratio of -0.44 and a beta of 1.20. Passage Bio has a 12-month low of $0.49 and a 12-month high of $1.79. The business’s 50 day moving average is $0.64 and its 200 day moving average is $0.87.

Insiders Place Their Bets

In other Passage Bio news, major shareholder Orbimed Advisors Llc sold 63,100 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $0.74, for a total value of $46,694.00. Following the transaction, the insider now 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vestal Point Capital LP lifted its position 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 buying an additional 48,000 shares during the last quarter. Lynx1 Capital Management LP lifted its position in shares of Passage Bio by 4.4% during the 2nd quarter. Lynx1 Capital Management LP now owns 5,057,629 shares of the company’s stock valued at $4,017,000 after buying an additional 211,758 shares during the last quarter. Erste Asset Management GmbH purchased a new position in shares of Passage Bio during the 3rd quarter valued at $1,718,000. Vanguard Group Inc. lifted 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 valued at $2,797,000 after buying an additional 52,656 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its position in shares of 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 buying an additional 356,593 shares during the last quarter. Hedge funds and other institutional investors own 53.48% of the company’s stock.

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.