Passage Bio’s (PASG) “Buy” Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Passage Bio (NASDAQ:PASG) in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has a $13.00 price objective on the stock.

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

Passage Bio Stock Performance

NASDAQ:PASG opened at $0.52 on Thursday. The company has a market capitalization of $32.06 million, a price-to-earnings ratio of -0.44 and a beta of 1.20. Passage Bio has a one year low of $0.49 and a one year high of $1.79. The stock has a 50-day simple moving average of $0.64 and a 200 day simple moving average of $0.87.

Insider Transactions at Passage Bio

In related news, major shareholder Orbimed Advisors Llc sold 63,100 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $0.74, for a total transaction of $46,694.00. Following the sale, the insider now owns 7,970,900 shares in the company, valued at $5,898,466. This represents a 0.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Passage Bio

Several institutional investors have recently made changes to their positions in PASG. Landscape Capital Management L.L.C. acquired a new stake in shares of Passage Bio during the 3rd quarter worth approximately $38,000. Affinity Asset Advisors LLC acquired a new stake in Passage Bio in the first quarter worth $357,000. Geode Capital Management LLC lifted its stake in Passage Bio by 18.2% in the third quarter. Geode Capital Management LLC now owns 509,516 shares of the company’s stock valued at $357,000 after buying an additional 78,406 shares during the last quarter. Acadian Asset Management LLC boosted its holdings 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 acquiring an additional 356,593 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of 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. 53.48% of the stock is owned by 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.