Passage Bio, Inc. (NASDAQ:PASG) Sees Large Decrease in Short Interest

Passage Bio, Inc. (NASDAQ:PASG) was the target of a significant decrease in short interest in January. As of January 15th, there was short interest totalling 1,800,000 shares, a decrease of 53.2% from the December 31st total of 3,850,000 shares. Approximately 3.5% of the company’s stock are short sold. Based on an average trading volume of 728,300 shares, the short-interest ratio is currently 2.5 days.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PASG shares. Canaccord Genuity Group reaffirmed a “buy” rating and set a $13.00 target price on shares of Passage Bio in a report on Thursday, November 14th. Wedbush initiated coverage on Passage Bio in a research note on Friday, November 29th. They issued an “outperform” rating and a $4.00 target price for the company. Finally, Chardan Capital restated a “buy” rating and set a $7.00 price target on shares of Passage Bio in a research report on Thursday, November 14th.

Insiders Place Their Bets

In related news, major shareholder Orbimed Advisors Llc sold 76,200 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $0.79, for a total transaction of $60,198.00. Following the sale, the insider now directly owns 7,718,369 shares in the company, valued at approximately $6,097,511.51. The trade was a 0.98 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Lynx1 Capital Management Lp bought 259,998 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were purchased at an average cost of $0.56 per share, for a total transaction of $145,598.88. Following the acquisition, the insider now directly owns 8,686,953 shares in the company, valued at $4,864,693.68. This trade represents a 3.09 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 662,943 shares of company stock worth $408,099 and have sold 620,368 shares worth $421,921. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vestal Point Capital LP boosted its stake in Passage Bio by 0.8% during the 3rd quarter. Vestal Point Capital LP now owns 6,100,000 shares of the company’s stock valued at $4,270,000 after purchasing an additional 48,000 shares during the last quarter. Erste Asset Management GmbH bought a new stake in Passage Bio in the 3rd quarter worth about $1,718,000. Geode Capital Management LLC raised its position in Passage Bio by 18.2% in the 3rd quarter. Geode Capital Management LLC now owns 509,516 shares of the company’s stock worth $357,000 after buying an additional 78,406 shares during the last quarter. Finally, Landscape Capital Management L.L.C. bought a new position in Passage Bio during the 3rd quarter valued at about $38,000. Institutional investors own 53.48% of the company’s stock.

Passage Bio Stock Performance

Shares of PASG traded up $0.01 during mid-day trading on Thursday, reaching $0.58. The company had a trading volume of 14,701 shares, compared to its average volume of 608,896. Passage Bio has a 52 week low of $0.45 and a 52 week high of $1.79. The company has a market capitalization of $36.07 million, a price-to-earnings ratio of -0.50 and a beta of 1.54. The firm has a 50-day moving average price of $0.68 and a 200 day moving average price of $0.70.

About Passage Bio

Passage Bio, Inc, a genetic medicines company, develops gene therapies for central nervous system diseases. It develops PBGM01, a functional GLB1 gene encoding ß-galactosidase for infantile GM1; PBFT02, a functional granulin (GRN) and gene encoding progranulin (PGRN) for the treatment of FTD caused by progranulin deficiency; and PBKR03, a functional GALC gene encoding the hydrolytic enzyme galactosylceramidase for infantile Krabbe disease.