Chardan Capital Raises Passage Bio (NASDAQ:PASG) Price Target to $21.00

Passage Bio (NASDAQ:PASG) had its target price increased by Chardan Capital to $21.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Chardan Capital’s target price would suggest a potential upside of 137.45% from the company’s previous close.

Several other equities research analysts have also recently commented on PASG. Canaccord Genuity Group cut their price target on Passage Bio from $260.00 to $67.00 and set a “buy” rating for the company in a report on Thursday, August 14th. Wedbush raised their target price on Passage Bio to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Passage Bio in a report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Passage Bio to a “hold” rating in a research report on Friday, September 5th. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $42.67.

Passage Bio Stock Performance

Shares of NASDAQ:PASG traded down $0.01 during midday trading on Wednesday, hitting $8.84. The company’s stock had a trading volume of 4,273 shares, compared to its average volume of 30,323. The company has a market cap of $28.12 million, a P/E ratio of -0.61 and a beta of 1.94. Passage Bio has a 12-month low of $5.12 and a 12-month high of $26.60. The business’s 50 day simple moving average is $7.70 and its 200 day simple moving average is $7.34.

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

Insider Activity at Passage Bio

In other Passage Bio news, major shareholder Lynx1 Capital Management Lp acquired 19,783 shares of the business’s stock in a transaction that occurred on Friday, September 12th. The stock was purchased at an average cost of $6.99 per share, with a total value of $138,283.17. Following the transaction, the insider owned 611,804 shares of the company’s stock, valued at $4,276,509.96. This trade represents a 3.34% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders acquired 32,008 shares of company stock valued at $223,726. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Passage Bio stock. Simplex Trading LLC raised its stake in shares of 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 fund owned 82,346 shares of the company’s stock after acquiring an additional 81,471 shares during the period. 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.

Passage Bio Company Profile

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.