Passage Bio’s (PASG) Buy Rating Reiterated at Chardan Capital

Passage Bio (NASDAQ:PASG)‘s stock had its “buy” rating reiterated by equities research analysts at Chardan Capital in a report issued on Tuesday,Benzinga reports. They currently have a $6.00 price objective on the stock.

Passage Bio Trading Down 14.4%

NASDAQ:PASG opened at $0.33 on Tuesday. The firm’s fifty day simple moving average is $0.37 and its 200 day simple moving average is $0.48. The firm has a market capitalization of $20.81 million, a price-to-earnings ratio of -0.33 and a beta of 1.71. Passage Bio has a twelve month low of $0.26 and a twelve month high of $1.33.

Passage Bio (NASDAQ:PASG) last released its quarterly earnings results on Tuesday, May 13th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). On average, analysts predict that Passage Bio will post -1.03 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Orbimed Advisors Llc sold 78,049 shares of the firm’s stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $0.34, for a total value of $26,536.66. Following the sale, the insider now directly owns 6,807,523 shares of the company’s stock, valued at approximately $2,314,557.82. This trade represents a 1.13% 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. Over the last 90 days, insiders have sold 233,660 shares of company stock worth $77,723. 4.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Passage Bio

Hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC grew its stake in shares of Passage Bio by 4.3% during the fourth quarter. Geode Capital Management LLC now owns 531,565 shares of the company’s stock worth $302,000 after purchasing an additional 22,049 shares during the period. Northern Trust Corp grew its holdings in shares of Passage Bio by 55.1% during the 4th quarter. Northern Trust Corp now owns 62,476 shares of the company’s stock valued at $35,000 after purchasing an additional 22,195 shares during the last quarter. Squarepoint Ops LLC boosted its position in Passage Bio by 129.5% during the 4th 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 period. Tower Research Capital LLC TRC raised its holdings in Passage Bio by 983.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 54,479 shares of the company’s stock worth $31,000 after purchasing an additional 49,449 shares during the last quarter. Finally, 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 buying an additional 65,919 shares in the last quarter. 53.48% of the stock is owned by 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.