Passage Bio (NASDAQ:PASG) Stock Price Expected to Rise, Chardan Capital Analyst Says

Passage Bio (NASDAQ:PASG) had its price objective lifted by equities researchers at Chardan Capital to $21.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Chardan Capital’s price target would indicate a potential upside of 146.19% from the company’s previous close.

PASG has been the subject of several other research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Passage Bio in a research report on Wednesday, October 8th. Wall Street Zen upgraded Passage Bio to a “hold” rating in a report on Friday, September 5th. Wedbush increased their target price on Passage Bio to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 13th. Finally, Canaccord Genuity Group decreased their target price on Passage Bio from $260.00 to $67.00 and set a “buy” rating for the company in a research report on Thursday, August 14th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.67.

Passage Bio Trading Down 9.1%

Shares of PASG opened at $8.53 on Wednesday. Passage Bio has a twelve month low of $5.12 and a twelve month high of $26.60. The company has a market cap of $27.13 million, a P/E ratio of -0.59 and a beta of 1.94. The company’s fifty day simple moving average is $7.67 and its 200-day simple moving average is $7.31.

Passage Bio (NASDAQ:PASG) last released its quarterly earnings results on Monday, November 10th. The company reported ($2.44) EPS for the quarter, topping analysts’ consensus estimates of ($2.64) by $0.20. Analysts predict that Passage Bio will post -1.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Lynx1 Capital Management Lp bought 11,900 shares of the stock in a transaction on Monday, September 15th. The stock was acquired at an average cost of $6.99 per share, for a total transaction of $83,181.00. Following the acquisition, the insider owned 623,704 shares of the company’s stock, valued at $4,359,690.96. This represents a 1.95% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders acquired 32,008 shares of company stock worth $223,726. Insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Passage Bio

A hedge fund recently raised its stake in Passage Bio stock. Simplex Trading LLC increased its holdings in Passage Bio, Inc. (NASDAQ:PASG) by 9,311.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 82,346 shares of the company’s stock after acquiring an additional 81,471 shares during the quarter. Simplex Trading LLC owned approximately 0.13% of Passage Bio worth $29,000 as of its most recent SEC filing. Institutional investors 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.