Chardan Capital Has Lowered Expectations for Passage Bio (NASDAQ:PASG) Stock Price

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

Several other research analysts have also commented on PASG. Wedbush initiated coverage on shares of Passage Bio in a research note on Friday, November 29th. They issued an “outperform” rating and a $4.00 price objective for the company. Canaccord Genuity Group reissued a “buy” rating and issued a $13.00 price target on shares of Passage Bio in a research report on Thursday, November 14th.

Passage Bio Trading Down 11.4 %

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

Passage Bio (NASDAQ:PASG) last issued its quarterly earnings data on Tuesday, March 4th. The company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. As a group, 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 business’s stock in a transaction on Friday, December 27th. The shares were bought at an average price of $0.65 per share, with a total value of $242,869.25. Following the completion of the acquisition, 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Orbimed Advisors Llc sold 126,209 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $0.66, for a total transaction of $83,297.94. Following the sale, the insider now owns 7,131,636 shares of the company’s stock, valued at $4,706,879.76. This represents a 1.74 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 620,368 shares of company stock worth $421,921. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Passage Bio

Several hedge funds and other institutional investors have recently bought and sold shares of PASG. Geode Capital Management LLC increased its position 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 in the last quarter. Northern Trust Corp grew its stake in Passage Bio by 55.1% during the 4th quarter. Northern Trust Corp now owns 62,476 shares of the company’s stock worth $35,000 after buying an additional 22,195 shares during the last quarter. Squarepoint Ops LLC increased its position in Passage Bio by 129.5% during 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 period. Vestal Point Capital LP lifted its stake in Passage Bio by 0.8% in the third quarter. Vestal Point Capital LP now owns 6,100,000 shares of the company’s stock valued at $4,270,000 after buying an additional 48,000 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Passage Bio by 983.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 54,479 shares of the company’s stock valued at $31,000 after acquiring an additional 49,449 shares during the period. 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.