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 stock in a transaction on Thursday, June 25th. The stock was bought 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 approximately $2,775,887.08. This trade represents a 8.03% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible 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 Stock Up 0.6%

PASG opened at $4.88 on Wednesday. The stock has a market cap of $15.66 million, a price-to-earnings ratio of -0.41 and a beta of 1.41. Passage Bio, Inc. has a twelve month low of $3.29 and a twelve month high of $20.00. The company’s 50-day moving average price is $5.38 and its two-hundred day moving average price is $8.57.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Eversept Partners LP purchased a new stake in shares of Passage Bio during the fourth quarter worth $1,490,000. Yiheng Capital Management L.P. bought a new stake in shares of Passage Bio during the 4th quarter valued at $405,000. Renaissance Technologies LLC lifted its holdings in Passage Bio by 22.5% during the 1st quarter. Renaissance Technologies LLC now owns 133,612 shares of the company’s stock worth $1,049,000 after purchasing an additional 24,523 shares in the last quarter. Squarepoint Ops LLC bought a new position in Passage Bio in the 3rd quarter worth about $188,000. Finally, Quadrature Capital Ltd purchased a new position in Passage Bio during the 4th quarter valued at about $148,000. 53.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on PASG shares. TD Cowen downgraded Passage Bio from a “buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Guggenheim cut Passage Bio from a “buy” rating to a “neutral” rating in a research report on Wednesday, June 10th. Oppenheimer cut their price target on Passage Bio from $30.00 to $15.00 and set an “outperform” rating for the company in a research note on Tuesday, April 21st. Lucid Cap Mkts lowered Passage Bio from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Finally, Canaccord Genuity Group lowered their price objective on Passage Bio from $67.00 to $23.00 and set a “buy” rating on the stock in a research note on Wednesday, March 4th. Two analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus 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.