Passage Bio (NASDAQ:PASG) Given “Buy” Rating at Chardan Capital

by · The Cerbat Gem

Chardan Capital restated their buy rating on shares of Passage Bio (NASDAQ:PASG – Free Report) in a research report released on Thursday morning,Benzinga reports. The brokerage currently has a $7.00 target price on the stock.

PASG has been the subject of several other research reports. Canaccord Genuity Group reissued a “buy” rating and issued a $13.00 price target on shares of Passage Bio in a research note on Thursday. Rodman & Renshaw began coverage on shares of Passage Bio in a research note on Tuesday, September 3rd. They set a “buy” rating and a $7.00 price target on the stock.

Read Our Latest Analysis on PASG

Passage Bio Price Performance

PASG traded down $0.03 during trading on Thursday, reaching $0.56. 191,346 shares of the stock traded hands, compared to its average volume of 262,425. Passage Bio has a fifty-two week low of $0.54 and a fifty-two week high of $1.79. The stock’s 50-day simple moving average is $0.65 and its two-hundred day simple moving average is $0.88.

Insider Activity

In other news, major shareholder Orbimed Advisors Llc sold 63,100 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $0.74, for a total value of $46,694.00. Following the sale, the insider now directly owns 7,970,900 shares of the company’s stock, valued at approximately $5,898,466. This trade represents a 0.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.30% of the stock is currently owned by insiders.

Institutional Trading of Passage Bio

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Passage Bio by 2.6% in the 1st 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 period. Acadian Asset Management LLC raised its position 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 last quarter. Affinity Asset Advisors LLC bought a new stake in shares of Passage Bio in the first quarter valued at about $357,000. Lynx1 Capital Management LP grew its position in Passage Bio by 1,178.1% during the first quarter. Lynx1 Capital Management LP now owns 4,845,871 shares of the company’s stock worth $6,542,000 after buying an additional 4,466,712 shares in the last quarter. Finally, Landscape Capital Management L.L.C. bought a new position in Passage Bio during the third quarter valued at about $38,000. Institutional investors own 53.48% of the company’s stock.

Passage Bio Company Profile

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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.

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