Passage Bio (NASDAQ:PASG) Given New $6.00 Price Target at Chardan Capital

Passage Bio (NASDAQ:PASG) had its price objective cut by investment analysts at Chardan Capital from $7.00 to $6.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock.

A number of other equities analysts have also recently commented on PASG. Canaccord Genuity Group reiterated a “buy” rating and issued a $13.00 target price on shares of Passage Bio in a report on Thursday, November 14th. Wedbush started coverage on Passage Bio in a report on Friday, November 29th. They issued an “outperform” rating and a $4.00 price target for the company.

Passage Bio Stock Down 11.4 %

NASDAQ:PASG traded down $0.05 during trading hours on Tuesday, hitting $0.43. 657,463 shares of the stock traded hands, compared to its average volume of 373,029. Passage Bio has a 1 year low of $0.38 and a 1 year high of $1.79. The stock has a 50 day moving average price of $0.60 and a 200 day moving average price of $0.65. The company has a market cap of $26.28 million, a price-to-earnings ratio of -0.36 and a beta of 1.54.

Passage Bio (NASDAQ:PASG) last posted its quarterly earnings results on Tuesday, March 4th. The company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.01. Equities analysts forecast that Passage Bio will post -1.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Lynx1 Capital Management Lp acquired 373,645 shares of the stock in a transaction dated Friday, December 27th. The stock was acquired at an average cost of $0.65 per share, for a total transaction of $242,869.25. Following the completion of the purchase, the insider now owns 9,256,953 shares of the company’s stock, valued at approximately $6,017,019.45. This represents a 4.21 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Orbimed Advisors Llc sold 54,181 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $0.84, for a total value of $45,512.04. Following the sale, the insider now owns 7,643,285 shares in the company, valued at approximately $6,420,359.40. The trade was a 0.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 620,368 shares of company stock worth $421,921 in the last three months. 4.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Passage Bio

A number of institutional investors have recently bought and sold shares of the business. Squarepoint Ops LLC boosted its stake in shares of Passage Bio by 129.5% in the fourth quarter. Squarepoint Ops LLC now owns 64,099 shares of the company’s stock worth $36,000 after buying an additional 36,172 shares during the last quarter. Shay Capital LLC raised its position in shares of Passage Bio by 144.2% in the fourth quarter. Shay Capital LLC now owns 225,261 shares of the company’s stock valued at $128,000 after buying an additional 133,005 shares during the last quarter. Jane Street Group LLC boosted its holdings in shares of Passage Bio by 537.2% during the 4th quarter. Jane Street Group LLC now owns 78,190 shares of the company’s stock worth $44,000 after purchasing an additional 65,919 shares during the last quarter. Northern Trust Corp increased its stake in shares of Passage Bio by 55.1% in the 4th quarter. Northern Trust Corp now owns 62,476 shares of the company’s stock worth $35,000 after acquiring an additional 22,195 shares during the last quarter. Finally, Lynx1 Capital Management LP boosted its holdings in Passage Bio by 9.8% in the 4th quarter. Lynx1 Capital Management LP now owns 9,256,953 shares of the company’s stock valued at $5,250,000 after purchasing an additional 829,998 shares during the last quarter. 53.48% of the stock is owned by hedge funds and other institutional investors.

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.