Lynx1 Capital Management Lp Acquires 50,055 Shares of Passage Bio (NASDAQ:PASG) 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 purchased at an average cost of $4.12 per share, for a total transaction of $206,226.60. Following the purchase, the insider owned 673,759 shares of the company’s stock, valued at $2,775,887.08. This represents a 8.03% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Passage Bio Stock Performance

PASG traded up $0.15 during 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 simple moving average of $5.65 and a 200 day simple moving average of $8.64. The firm has a market cap of $15.56 million, a price-to-earnings ratio of -0.41 and a beta of 1.41. Passage Bio, Inc. has a 1 year low of $3.29 and a 1 year high of $20.00.

Passage Bio (NASDAQ:PASG) last issued its 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. As a group, equities analysts anticipate that Passage Bio, Inc. will post -8.62 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PASG has been the topic of a number of research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Passage Bio in a research report on Wednesday. Lucid Cap Mkts downgraded shares of Passage Bio from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Canaccord Genuity Group cut their price objective on shares of Passage Bio from $67.00 to $23.00 and set a “buy” rating on the stock in a report on Wednesday, March 4th. TD Cowen downgraded shares of Passage Bio from a “buy” rating to a “hold” rating in a research note on Tuesday, April 21st. Finally, Guggenheim lowered Passage Bio from a “buy” rating to a “neutral” rating in a report on Wednesday, June 10th. Two investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $13.25.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Eversept Partners LP acquired a new position in Passage Bio during the 4th quarter valued at about $1,490,000. Yiheng Capital Management L.P. acquired a new stake in Passage Bio in the fourth quarter worth about $405,000. Renaissance Technologies LLC grew its stake in shares of Passage Bio by 22.5% during the first quarter. Renaissance Technologies LLC now owns 133,612 shares of the company’s stock worth $1,049,000 after acquiring an additional 24,523 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Passage Bio during the third quarter worth about $188,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Passage Bio during the fourth quarter valued at about $148,000. 53.48% of the stock is currently owned by hedge funds and other institutional investors.

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.