Wedbush Initiates Coverage on Passage Bio (NASDAQ:PASG)

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

Several other equities analysts have also recently weighed in on the company. Rodman & Renshaw began coverage on Passage Bio in a report on Tuesday, September 3rd. They set a “buy” rating and a $7.00 price target for the company. Chardan Capital restated a “buy” rating and issued a $7.00 price target on shares of Passage Bio in a research report on Thursday, November 14th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $13.00 price target on shares of Passage Bio in a research note on Thursday, November 14th.

Passage Bio Stock Up 69.5 %

PASG opened at $1.13 on Friday. Passage Bio has a 52 week low of $0.45 and a 52 week high of $1.79. The firm has a 50-day simple moving average of $0.62 and a two-hundred day simple moving average of $0.81. The company has a market capitalization of $69.80 million, a PE ratio of -0.97 and a beta of 1.20.

Insider Activity

In other news, major shareholder Lynx1 Capital Management Lp bought 259,998 shares of Passage Bio stock in a transaction dated Monday, November 25th. The shares were acquired at an average price of $0.56 per share, with a total value of $145,598.88. Following the completion of the purchase, the insider now owns 8,686,953 shares in the company, valued at $4,864,693.68. The trade was a 3.09 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Orbimed Advisors Llc sold 63,100 shares of Passage Bio stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $0.74, for a total transaction of $46,694.00. Following the transaction, the insider now directly owns 7,970,900 shares of the company’s stock, valued at approximately $5,898,466. This represents a 0.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PASG. Geode Capital Management LLC boosted its holdings in Passage Bio by 18.2% during the 3rd quarter. Geode Capital Management LLC now owns 509,516 shares of the company’s stock valued at $357,000 after acquiring an additional 78,406 shares during the period. Erste Asset Management GmbH purchased a new stake in shares of Passage Bio during the third quarter valued at $1,718,000. Vestal Point Capital LP boosted its stake in shares of Passage Bio by 0.8% during the third quarter. Vestal Point Capital LP now owns 6,100,000 shares of the company’s stock valued at $4,270,000 after purchasing an additional 48,000 shares during the period. Landscape Capital Management L.L.C. purchased a new position in Passage Bio in the 3rd quarter worth about $38,000. Finally, Lynx1 Capital Management LP lifted its holdings in 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 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.