Passage Bio’s (PASG) Buy Rating Reaffirmed at Canaccord Genuity Group

Canaccord Genuity Group reiterated their buy rating on shares of Passage Bio (NASDAQ:PASG) in a research report released on Thursday morning,Benzinga reports. Canaccord Genuity Group currently has a $13.00 target price on the stock.

Separately, Rodman & Renshaw started coverage on shares of Passage Bio in a research note on Tuesday, September 3rd. They set a “buy” rating and a $7.00 price objective on the stock.

Passage Bio Stock Down 11.8 %

Shares of NASDAQ:PASG traded down $0.07 during trading on Thursday, hitting $0.52. 423,794 shares of the company’s stock were exchanged, compared to its average volume of 263,473. The firm has a 50-day moving average price of $0.65 and a two-hundred day moving average price of $0.88. Passage Bio has a 1-year low of $0.51 and a 1-year high of $1.79.

Insider Buying and Selling

In other Passage Bio news, major shareholder Orbimed Advisors Llc sold 63,100 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $0.74, for a total value of $46,694.00. Following the transaction, the insider now directly owns 7,970,900 shares in the company, valued at $5,898,466. The trade was a 0.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 4.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Passage Bio

Several institutional investors and hedge funds have recently modified their holdings of PASG. Landscape Capital Management L.L.C. bought a new stake in Passage Bio during the third quarter worth about $38,000. Affinity Asset Advisors LLC bought a new position in Passage Bio in the 1st quarter valued at approximately $357,000. Acadian Asset Management LLC raised its holdings in Passage Bio by 59.0% in the 1st 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. Vanguard Group Inc. raised 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 buying an additional 52,656 shares during the last quarter. Finally, Erste Asset Management GmbH bought a new position in Passage Bio in the 3rd quarter valued at approximately $1,718,000. 53.48% of the stock is currently owned by institutional investors and hedge funds.

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.