Insider Buying: Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Acquires 259,998 Shares of Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Lynx1 Capital Management Lp purchased 259,998 shares of Passage Bio stock in a transaction that occurred on Monday, November 25th. The shares were bought at an average price of $0.56 per share, for a total transaction of $145,598.88. Following the completion of the transaction, the insider now owns 8,686,953 shares in the company, valued at $4,864,693.68. The trade was a 3.09 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Lynx1 Capital Management Lp also recently made the following trade(s):

• On Wednesday, November 27th, Lynx1 Capital Management Lp acquired 29,300 shares of Passage Bio stock. The shares were bought at an average cost of $0.67 per share, with a total value of $19,631.00.

Passage Bio Stock Up 69.5 %

PASG opened at $1.13 on Friday. Passage Bio, Inc. has a 52 week low of $0.45 and a 52 week high of $1.79. The stock has a market cap of $69.80 million, a PE ratio of -0.79 and a beta of 1.20. The business has a 50 day moving average of $0.61 and a 200-day moving average of $0.82.

Hedge Funds Weigh In On Passage Bio

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lynx1 Capital Management LP grew its position in shares of Passage Bio by 1,178.1% in the 1st quarter. Lynx1 Capital Management LP now owns 4,845,871 shares of the company’s stock worth $6,542,000 after buying an additional 4,466,712 shares during the period. Erste Asset Management GmbH purchased a new position in Passage Bio during the 3rd quarter valued at about $1,718,000. Geode Capital Management LLC boosted its stake in Passage Bio by 18.2% during the third quarter. Geode Capital Management LLC now owns 509,516 shares of the company’s stock worth $357,000 after acquiring an additional 78,406 shares in the last quarter. Landscape Capital Management L.L.C. purchased a new stake in Passage Bio in the third quarter worth about $38,000. Finally, Vanguard Group Inc. increased its stake in shares of Passage Bio by 2.6% during the first quarter. Vanguard Group Inc. now owns 2,071,538 shares of the company’s stock valued at $2,797,000 after purchasing an additional 52,656 shares in the last quarter. Hedge funds and other institutional investors own 53.48% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on PASG shares. Rodman & Renshaw initiated coverage on shares of Passage Bio in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $7.00 target price on the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $13.00 price target on shares of Passage Bio in a report on Thursday, November 14th. Chardan Capital reissued a “buy” rating and set a $7.00 price objective on shares of Passage Bio in a research report on Thursday, November 14th. Finally, Wedbush initiated coverage on shares of Passage Bio in a research report on Friday. They issued an “outperform” rating and a $4.00 target price for the company.

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.