Chardan Capital Lowers Passage Bio (NASDAQ:PASG) Price Target to $6.00

Passage Bio (NASDAQ:PASG) had its target price cut by Chardan Capital from $7.00 to $6.00 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

PASG has been the topic of several other reports. Wedbush began coverage on shares of Passage Bio in a research note on Friday, November 29th. They issued an “outperform” rating and a $4.00 target price on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $13.00 target price on shares of Passage Bio in a research note on Thursday, November 14th.

Passage Bio Stock Performance

Shares of PASG opened at $0.47 on Tuesday. The firm has a market cap of $29.03 million, a price-to-earnings ratio of -0.40 and a beta of 1.55. Passage Bio has a fifty-two week low of $0.38 and a fifty-two week high of $1.72. The firm has a 50 day moving average price of $0.59 and a 200-day moving average price of $0.64.

Passage Bio (NASDAQ:PASG) last announced its quarterly earnings data on Tuesday, March 4th. The company reported ($0.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. As a group, equities research analysts predict that Passage Bio will post -1.03 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Lynx1 Capital Management Lp acquired 373,645 shares of Passage Bio stock in a transaction on Friday, December 27th. The shares were acquired at an average cost of $0.65 per share, with a total value of $242,869.25. Following the transaction, the insider now owns 9,256,953 shares in the company, valued at $6,017,019.45. This trade represents a 4.21 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Orbimed Advisors Llc sold 230,321 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $0.60, for a total transaction of $138,192.60. Following the transaction, the insider now directly owns 7,404,869 shares in the company, valued at approximately $4,442,921.40. The trade was a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 523,265 shares of company stock valued at $344,583 over the last three months. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Lynx1 Capital Management LP grew its position in shares of Passage Bio by 9.8% in the 4th quarter. Lynx1 Capital Management LP now owns 9,256,953 shares of the company’s stock worth $5,250,000 after buying an additional 829,998 shares during the period. Vestal Point Capital LP boosted 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 purchasing an additional 48,000 shares in the last quarter. Erste Asset Management GmbH bought a new position in Passage Bio during the 3rd quarter valued at about $1,718,000. Geode Capital Management LLC lifted its stake in Passage Bio by 4.3% during the 4th quarter. Geode Capital Management LLC now owns 531,565 shares of the company’s stock valued at $302,000 after acquiring an additional 22,049 shares during the period. Finally, Shay Capital LLC lifted its stake in Passage Bio by 144.2% during the 4th quarter. Shay Capital LLC now owns 225,261 shares of the company’s stock valued at $128,000 after acquiring an additional 133,005 shares during the period. 53.48% of the stock is owned by hedge funds and other 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.