Short Interest in Passage Bio, Inc. (NASDAQ:PASG) Declines By 22.5%

Passage Bio, Inc. (NASDAQ:PASG) was the recipient of a large drop in short interest in January. As of January 15th, there was short interest totaling 15,142 shares, a drop of 22.5% from the December 31st total of 19,538 shares. Currently, 0.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 129,577 shares, the days-to-cover ratio is currently 0.1 days. Based on an average daily trading volume, of 129,577 shares, the days-to-cover ratio is currently 0.1 days. Currently, 0.5% of the shares of the stock are sold short.

Passage Bio Stock Performance

NASDAQ:PASG traded up $0.77 during midday trading on Friday, reaching $11.50. 46,616 shares of the stock traded hands, compared to its average volume of 91,469. The stock has a market capitalization of $36.57 million, a P/E ratio of -0.80 and a beta of 1.72. The company has a fifty day moving average of $11.67 and a 200 day moving average of $8.81. Passage Bio has a 12 month low of $5.12 and a 12 month high of $20.00.

Passage Bio (NASDAQ:PASG) last released its quarterly earnings data on Monday, November 10th. The company reported ($2.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.64) by $0.20. On average, analysts predict that Passage Bio will post -1.03 EPS for the current fiscal year.

Insider Activity

In other news, CEO William Chou sold 4,076 shares of Passage Bio stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $18.44, for a total transaction of $75,161.44. Following the completion of the sale, the chief executive officer directly owned 6,524 shares of the company’s stock, valued at approximately $120,302.56. The trade was a 38.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Passage Bio

An institutional investor recently bought a new position in Passage Bio stock. Squarepoint Ops LLC bought a new stake in shares of Passage Bio, Inc. (NASDAQ:PASG) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 23,500 shares of the company’s stock, valued at approximately $188,000. Squarepoint Ops LLC owned 0.74% of Passage Bio as of its most recent filing with the Securities and Exchange Commission (SEC). 53.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PASG has been the subject of a number of research reports. Chardan Capital upped their price objective on Passage Bio to $21.00 and gave the stock a “buy” rating in a report on Wednesday, November 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Passage Bio in a research note on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $42.67.

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.