Passage Bio (NASDAQ:PASG) Research Coverage Started at Wedbush

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

PASG has been the topic of several other reports. Rodman & Renshaw initiated coverage on Passage Bio in a research note on Tuesday, September 3rd. They set a “buy” rating and a $7.00 target price on the stock. Chardan Capital reaffirmed a “buy” rating and set a $7.00 price objective on shares of Passage Bio in a research report on Thursday, November 14th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $13.00 target price on shares of Passage Bio in a research report on Thursday, November 14th.

Passage Bio Stock Performance

Shares of NASDAQ PASG opened at $1.13 on Friday. The company has a market cap of $69.80 million, a PE ratio of -0.97 and a beta of 1.20. The firm’s 50 day moving average price is $0.62 and its 200-day moving average price is $0.81. Passage Bio has a 52-week low of $0.45 and a 52-week high of $1.79.

Insider Activity at Passage Bio

In other news, major shareholder Orbimed Advisors Llc sold 63,100 shares of the business’s stock in a transaction 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 sale, the insider now owns 7,970,900 shares of the company’s stock, valued at $5,898,466. The trade was a 0.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Lynx1 Capital Management Lp bought 259,998 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was bought at an average cost of $0.56 per share, for a total transaction of $145,598.88. Following the completion of the acquisition, the insider now owns 8,686,953 shares in the company, valued at $4,864,693.68. This trade represents a 3.09 % increase in their position. The disclosure for this purchase can be found here. 4.30% of the stock is owned by company insiders.

Institutional Trading of Passage Bio

Hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its position 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 purchasing an additional 78,406 shares during the period. Erste Asset Management GmbH bought a new position in Passage Bio in the 3rd quarter worth $1,718,000. Vestal Point Capital LP increased its stake 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 worth $4,270,000 after buying an additional 48,000 shares in the last quarter. Landscape Capital Management L.L.C. bought a new stake in Passage Bio during the third quarter valued at about $38,000. Finally, Lynx1 Capital Management LP lifted its position 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 valued at $4,017,000 after acquiring an additional 211,758 shares in the last quarter. 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.