Canaccord Genuity Group Cuts Passage Bio (NASDAQ:PASG) Price Target to $13.00

Passage Bio (NASDAQ:PASG) had its price objective reduced by Canaccord Genuity Group from $14.00 to $13.00 in a research report report published on Wednesday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Passage Bio Stock Performance

Shares of NASDAQ:PASG traded up $0.07 during midday trading on Wednesday, reaching $1.35. 70,008 shares of the company’s stock were exchanged, compared to its average volume of 316,167. The firm has a market capitalization of $83.17 million, a PE ratio of -0.69 and a beta of 1.28. Passage Bio has a 12 month low of $0.58 and a 12 month high of $1.79. The company’s 50 day simple moving average is $1.35 and its two-hundred day simple moving average is $1.08.

Passage Bio (NASDAQ:PASG) last posted its earnings results on Monday, March 4th. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.41) by $0.11. On average, research analysts anticipate that Passage Bio will post -1.27 earnings per share for the current year.

Institutional Trading of Passage Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Affinity Asset Advisors LLC acquired a new stake in Passage Bio during the 1st quarter worth approximately $357,000. Pale Fire Capital SE raised its holdings in shares of Passage Bio by 489.1% during the fourth 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 period. Acadian Asset Management LLC lifted its position in Passage Bio by 4.5% in the 3rd quarter. Acadian Asset Management LLC now owns 604,678 shares of the company’s stock valued at $396,000 after acquiring an additional 25,872 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Passage Bio by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 2,071,538 shares of the company’s stock worth $2,797,000 after purchasing an additional 52,656 shares during the period. 53.48% of the stock is owned by institutional investors.

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.