Rodman & Renshaw Begins Coverage on Passage Bio (NASDAQ:PASG)

Rodman & Renshaw began coverage on shares of Passage Bio (NASDAQ:PASG) in a research report sent to investors on Tuesday, Marketbeat.com reports. The firm issued a buy rating and a $7.00 price target on the stock.

Separately, Canaccord Genuity Group cut their target price on Passage Bio from $14.00 to $13.00 and set a buy rating on the stock in a research report on Wednesday, May 15th.

Passage Bio Price Performance

Shares of PASG stock opened at $0.64 on Tuesday. The stock’s 50-day moving average is $0.83 and its 200 day moving average is $1.13. Passage Bio has a 1-year low of $0.58 and a 1-year high of $1.79. The company has a market cap of $39.54 million, a P/E ratio of -0.42 and a beta of 1.19.

Passage Bio (NASDAQ:PASG) last posted its earnings results on Thursday, August 8th. The company reported ($0.26) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.05. On average, analysts anticipate that Passage Bio will post -0.94 EPS for the current year.

Institutional Investors Weigh In On Passage Bio

Institutional investors have recently added to or reduced their stakes in the stock. Pale Fire Capital SE lifted its position in shares of Passage Bio by 489.1% in the fourth quarter. Pale Fire Capital SE now owns 581,257 shares of the company’s stock valued at $587,000 after acquiring an additional 482,595 shares in the last quarter. Vanguard Group Inc. boosted its stake in Passage Bio by 2.6% during the first quarter. Vanguard Group Inc. now owns 2,071,538 shares of the company’s stock worth $2,797,000 after buying an additional 52,656 shares during the last quarter. Acadian Asset Management LLC grew 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 in the last quarter. Affinity Asset Advisors LLC acquired a new stake in shares of Passage Bio in the 1st quarter worth $357,000. Finally, Lynx1 Capital Management LP raised its holdings in shares of Passage Bio by 1,178.1% during the 1st quarter. Lynx1 Capital Management LP now owns 4,845,871 shares of the company’s stock worth $6,542,000 after acquiring an additional 4,466,712 shares during the period. Institutional investors and hedge funds own 53.48% of the company’s stock.

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.