Passage Bio (NASDAQ:PASG) Major Shareholder Lynx1 Capital Management Lp Acquires 50,055 Shares

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Lynx1 Capital Management Lp purchased 50,055 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The stock was acquired at an average price of $4.12 per share, with a total value of $206,226.60. Following the completion of the purchase, the insider owned 673,759 shares in the company, valued at $2,775,887.08. This represents a 8.03% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Passage Bio Stock Performance

Shares of PASG traded up $0.15 during mid-day trading on Monday, hitting $4.85. 101,056 shares of the stock were exchanged, compared to its average volume of 85,850. The firm has a 50-day moving average of $5.65 and a two-hundred day moving average of $8.64. Passage Bio, Inc. has a 52-week low of $3.29 and a 52-week high of $20.00. The company has a market cap of $15.56 million, a PE ratio of -0.41 and a beta of 1.41.

Passage Bio (NASDAQ:PASG) last posted its earnings results on Tuesday, May 12th. The company reported ($2.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.76) by $0.40. On average, sell-side analysts predict that Passage Bio, Inc. will post -8.62 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Canaccord Genuity Group dropped their target price on Passage Bio from $67.00 to $23.00 and set a “buy” rating for the company in a report on Wednesday, March 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Passage Bio in a report on Wednesday. Chardan Capital set a $7.00 target price on shares of Passage Bio and gave the company a “neutral” rating in a research note on Tuesday, April 21st. Guggenheim lowered shares of Passage Bio from a “buy” rating to a “neutral” rating in a report on Wednesday, June 10th. Finally, Oppenheimer dropped their price target on shares of Passage Bio from $30.00 to $15.00 and set an “outperform” rating for the company in a research note on Tuesday, April 21st. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Passage Bio has an average rating of “Hold” and an average target price of $13.25.

Institutional Trading of Passage Bio

Institutional investors and hedge funds have recently made changes to their positions in the business. Nano Cap New Millennium Growth Fund L P bought a new position in shares of Passage Bio in the fourth quarter worth about $118,000. Quadrature Capital Ltd bought a new stake in Passage Bio during the 4th quarter valued at about $148,000. Squarepoint Ops LLC purchased a new stake in Passage Bio in the 3rd quarter valued at about $188,000. Geode Capital Management LLC boosted its position in Passage Bio by 15.1% in the 4th quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock valued at $371,000 after buying an additional 4,114 shares during the period. Finally, Yiheng Capital Management L.P. bought a new position in Passage Bio in the 4th quarter worth about $405,000. 53.48% of the stock is currently owned by institutional investors.

Passage Bio Company Profile

Passage Bio is a clinical-stage biotechnology company focused on the development of gene therapies to treat rare, monogenic central nervous system and neuromuscular disorders. The company applies its in-house gene therapy platform to design and engineer adeno-associated virus (AAV)–based vectors that restore or replace defective genes, aiming to deliver durable treatments with a single administration.

The company’s lead programs include PBGM01, an AAV9-based therapy for GM2 gangliosidoses (Tay–Sachs and Sandhoff diseases), which is conducting a first-in-human study to assess safety and potential therapeutic benefit.