Passage Bio, Inc. (NASDAQ:PASG) Sees Significant Increase in Short Interest

Passage Bio, Inc. (NASDAQ:PASG) was the recipient of a significant growth in short interest in April. As of April 30th, there was short interest totaling 145,029 shares, a growth of 113.0% from the April 15th total of 68,090 shares. Based on an average trading volume of 206,812 shares, the days-to-cover ratio is presently 0.7 days. Approximately 4.8% of the shares of the company are sold short.

Hedge Funds Weigh In On Passage Bio

A number of hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC increased its position in Passage Bio by 15.1% during the fourth quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock worth $371,000 after acquiring an additional 4,114 shares during the period. Renaissance Technologies LLC increased its position in Passage Bio by 8.2% during the fourth quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock worth $1,287,000 after acquiring an additional 8,300 shares during the period. Nano Cap New Millennium Growth Fund L P bought a new position in Passage Bio during the fourth quarter worth about $118,000. Quadrature Capital Ltd bought a new position in Passage Bio during the fourth quarter worth about $148,000. Finally, Squarepoint Ops LLC acquired a new stake in Passage Bio during the third quarter worth about $188,000. 53.48% of the stock is owned by institutional investors.

Passage Bio Stock Down 2.6%

Shares of PASG traded down $0.14 during trading hours on Friday, hitting $5.22. The company had a trading volume of 42,443 shares, compared to its average volume of 160,071. The firm has a market cap of $16.75 million, a price-to-earnings ratio of -0.44 and a beta of 1.38. The business has a fifty day moving average of $7.31 and a 200-day moving average of $9.18. Passage Bio has a 12 month low of $3.93 and a 12 month high of $20.00.

Passage Bio (NASDAQ:PASG) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($2.36) EPS for the quarter, topping analysts’ consensus estimates of ($2.76) by $0.40. On average, equities analysts expect that Passage Bio will post -8.62 EPS for the current fiscal year.

Analyst Ratings Changes

PASG has been the topic of several analyst reports. TD Cowen lowered shares of Passage Bio from a “buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Passage Bio in a research report on Friday, March 27th. Canaccord Genuity Group dropped their price target on shares of Passage Bio from $67.00 to $23.00 and set a “buy” rating on the stock in a research report on Wednesday, March 4th. Wall Street Zen raised shares of Passage Bio from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 3rd. Finally, Oppenheimer dropped their price objective on shares of Passage Bio from $30.00 to $15.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 21st. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Passage Bio currently has an average rating of “Hold” and an average price target of $13.25.

About Passage Bio

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.