Insider Buying: Passage Bio (NASDAQ:PASG) Major Shareholder Buys $206,226.60 in Stock

by · The Cerbat Gem

Passage Bio, Inc. (NASDAQ:PASG – Get Free Report) major shareholder Lynx1 Capital Management Lp purchased 50,055 shares of the business’s stock in a transaction on Thursday, June 25th. The shares were purchased at an average cost of $4.12 per share, for a total transaction of $206,226.60. Following the transaction, the insider owned 673,759 shares of the company’s stock, valued at $2,775,887.08. This trade represents a 8.03% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Passage Bio Trading Down 6.1%

PASG stock opened at $4.58 on Thursday. The company has a market capitalization of $14.70 million, a P/E ratio of -0.39 and a beta of 1.43. The business has a 50 day simple moving average of $5.34 and a 200-day simple moving average of $8.52. Passage Bio, Inc. has a twelve month low of $3.29 and a twelve month high of $20.00.

Passage Bio (NASDAQ:PASG – Get Free Report) last announced its earnings results on Tuesday, May 12th. The company reported ($2.36) EPS for the quarter, beating analysts’ consensus estimates of ($2.76) by $0.40. Research analysts predict that Passage Bio, Inc. will post -8.62 EPS for the current fiscal year.

Analysts Set New Price Targets

PASG has been the subject of a number of research reports. Wall Street Zen raised shares of Passage Bio from a “strong sell” rating to a “sell” rating in a report on Sunday, May 3rd. Lucid Cap Mkts lowered Passage Bio from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. TD Cowen cut Passage Bio from a “buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Wedbush reaffirmed a “neutral” rating and set a $8.00 price objective (down from $32.00) on shares of Passage Bio in a research note on Tuesday, April 21st. Finally, Guggenheim cut Passage Bio from a “buy” rating to a “neutral” rating in a research report on Wednesday, June 10th. Two research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $13.25.

Read Our Latest Stock Report on PASG

Institutional Trading of Passage Bio

A number of institutional investors have recently modified their holdings of the business. Eversept Partners LP purchased a new stake in shares of Passage Bio during the 4th quarter worth $1,490,000. Quadrature Capital Ltd purchased a new position in shares of Passage Bio in the 4th quarter valued at about $148,000. Geode Capital Management LLC lifted its stake in shares of Passage Bio by 15.1% in the fourth quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock valued at $371,000 after purchasing an additional 4,114 shares during the period. Yiheng Capital Management L.P. acquired a new stake in shares of Passage Bio in the fourth quarter valued at about $405,000. Finally, Renaissance Technologies LLC boosted its holdings 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 buying an additional 8,300 shares in the last quarter. 53.48% of the stock is currently owned by hedge funds and other institutional investors.

About Passage Bio

(Get Free Report)

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.

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