Passage Bio (NASDAQ:PASG) Coverage Initiated by Analysts at Rodman & Renshaw

Rodman & Renshaw assumed coverage on shares of Passage Bio (NASDAQ:PASG) in a report published on Tuesday, MarketBeat reports. The brokerage issued a buy rating and a $7.00 price objective on the stock.

Separately, Canaccord Genuity Group decreased their price objective on shares of Passage Bio from $14.00 to $13.00 and set a buy rating on the stock in a research note on Wednesday, May 15th.

Passage Bio Price Performance

Passage Bio stock opened at $0.70 on Tuesday. The firm has a market capitalization of $43.49 million, a P/E ratio of -0.46 and a beta of 1.19. The stock has a fifty day moving average price of $0.82 and a two-hundred day moving average price of $1.13. Passage Bio has a 52-week low of $0.58 and a 52-week high of $1.79.

Passage Bio (NASDAQ:PASG) last posted its earnings results on Thursday, August 8th. The company reported ($0.26) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.05. On average, equities research analysts predict that Passage Bio will post -0.94 EPS for the current fiscal year.

Institutional Trading of Passage Bio

Hedge funds and other institutional investors have recently made changes to their positions in the business. Pale Fire Capital SE grew its holdings in Passage Bio by 489.1% during the 4th quarter. Pale Fire Capital SE now owns 581,257 shares of the company’s stock worth $587,000 after acquiring an additional 482,595 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Passage Bio by 2.6% in the first quarter. Vanguard Group Inc. now owns 2,071,538 shares of the company’s stock worth $2,797,000 after acquiring an additional 52,656 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of Passage Bio by 59.0% during the first quarter. Acadian Asset Management LLC now owns 961,271 shares of the company’s stock worth $1,296,000 after purchasing an additional 356,593 shares in the last quarter. Lynx1 Capital Management LP grew its stake in shares of Passage Bio by 4.4% during the second quarter. Lynx1 Capital Management LP now owns 5,057,629 shares of the company’s stock valued at $4,017,000 after purchasing an additional 211,758 shares during the last quarter. Finally, Affinity Asset Advisors LLC acquired a new stake in shares of Passage Bio in the first quarter valued at approximately $357,000. 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.