Erste Asset Management GmbH Takes Position in Passage Bio, Inc. (NASDAQ:PASG)

Erste Asset Management GmbH bought a new position in shares of Passage Bio, Inc. (NASDAQ:PASG - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,455,800 shares of the company's stock, valued at approximately $1,718,000. Erste Asset Management GmbH owned approximately 3.98% of Passage Bio as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. grew its holdings in Passage Bio by 2.6% during the 1st 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 in the last quarter. Lynx1 Capital Management LP increased its position 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 worth $4,017,000 after purchasing an additional 211,758 shares in the last quarter. Landscape Capital Management L.L.C. acquired a new stake in Passage Bio during the 3rd quarter worth $38,000. Finally, Vestal Point Capital LP increased its position in Passage Bio by 0.8% in the 3rd quarter. Vestal Point Capital LP now owns 6,100,000 shares of the company's stock valued at $4,270,000 after acquiring an additional 48,000 shares during the period. Institutional investors and hedge funds own 53.48% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on PASG shares. Wedbush started coverage on shares of Passage Bio in a research note on Friday, November 29th. They issued an "outperform" rating and a $4.00 target price for the company. Canaccord Genuity Group reaffirmed a "buy" rating and set a $13.00 price target on shares of Passage Bio in a research note on Thursday, November 14th. Rodman & Renshaw assumed coverage on Passage Bio in a research report on Tuesday, September 3rd. They set a "buy" rating and a $7.00 price objective for the company. Finally, Chardan Capital reaffirmed a "buy" rating and set a $7.00 price target on shares of Passage Bio in a research note on Thursday, November 14th.

Passage Bio Stock Performance

PASG traded down $0.14 on Wednesday, reaching $0.75. 556,897 shares of the company's stock were exchanged, compared to its average volume of 344,662. The company has a market cap of $46.23 million, a price-to-earnings ratio of -0.67 and a beta of 1.43. Passage Bio, Inc. has a twelve month low of $0.45 and a twelve month high of $1.79. The company's 50 day moving average is $0.63 and its 200-day moving average is $0.80.

Insider Activity at Passage Bio

In other Passage Bio news, major shareholder Orbimed Advisors Llc sold 63,100 shares of the company's stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $0.74, for a total value of $46,694.00. Following the completion of the transaction, the insider now directly owns 7,970,900 shares of the company's stock, valued at $5,898,466. This represents a 0.79 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Lynx1 Capital Management Lp bought 259,998 shares of the business's stock in a transaction on Monday, November 25th. The stock was acquired at an average cost of $0.56 per share, for a total transaction of $145,598.88. Following the completion of the transaction, the insider now owns 8,686,953 shares in the company, valued at $4,864,693.68. This represents a 3.09 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 4.30% 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.