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

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Lynx1 Capital Management Lp acquired 50,055 shares of the company’s stock in a transaction that occurred on Thursday, June 25th. The stock was acquired at an average cost of $4.12 per share, for a total transaction of $206,226.60. Following the acquisition, the insider owned 673,759 shares of the company’s stock, valued at $2,775,887.08. The trade was a 8.03% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Passage Bio Trading Up 3.2%

Shares of NASDAQ PASG opened at $4.85 on Tuesday. Passage Bio, Inc. has a 12-month low of $3.29 and a 12-month high of $20.00. The firm has a market capitalization of $15.57 million, a price-to-earnings ratio of -0.41 and a beta of 1.41. The firm has a 50 day moving average of $5.51 and a 200 day moving average of $8.60.

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

Institutional Investors Weigh In On Passage Bio

Institutional investors and hedge funds have recently bought and sold shares of the business. Squarepoint Ops LLC bought a new position in shares of Passage Bio in the third quarter worth about $188,000. Nano Cap New Millennium Growth Fund L P bought a new stake in Passage Bio during the 4th quarter valued at approximately $118,000. Geode Capital Management LLC raised its stake in Passage Bio by 15.1% during the 4th 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. Renaissance Technologies LLC lifted its holdings in Passage Bio by 8.2% in the 4th quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock worth $1,287,000 after purchasing an additional 8,300 shares in the last quarter. Finally, Eversept Partners LP bought a new position in Passage Bio in the 4th quarter worth approximately $1,490,000. 53.48% of the stock is owned by institutional investors.

Analyst Ratings Changes

PASG has been the topic of several recent research reports. TD Cowen downgraded Passage Bio from a “buy” rating to a “hold” rating in a research note on Tuesday, April 21st. Lucid Cap Mkts downgraded Passage Bio from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Canaccord Genuity Group reduced their target price on shares of Passage Bio from $67.00 to $23.00 and set a “buy” rating for the company in a report on Wednesday, March 4th. UBS Group cut shares of Passage Bio to a “neutral” rating in a research note on Wednesday, June 10th. Finally, Oppenheimer lowered their price target on shares of Passage Bio from $30.00 to $15.00 and set an “outperform” rating on the stock in a report on Tuesday, April 21st. Two 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. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price 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.