Insider Buying: Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Purchases 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 on Monday, November 25th. The stock was bought at an average price of $0.56 per share, for a total transaction of $145,598.88. Following the completion of the acquisition, 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Major shareholders that own more than 10% of a company’s shares 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 purchased 29,300 shares of Passage Bio stock. The stock was bought at an average price of $0.67 per share, for a total transaction of $19,631.00.

Passage Bio Stock Performance

Passage Bio stock traded down $0.08 during trading hours on Wednesday, hitting $0.67. The company had a trading volume of 399,655 shares, compared to its average volume of 270,763. The firm has a market cap of $41.17 million, a P/E ratio of -0.58 and a beta of 1.20. Passage Bio, Inc. has a 1 year low of $0.45 and a 1 year high of $1.79. The company has a 50-day moving average price of $0.61 and a two-hundred day moving average price of $0.82.

Institutional Investors Weigh In On Passage Bio

Large investors have recently added to or reduced their stakes in the stock. Landscape Capital Management L.L.C. purchased a new stake in shares of Passage Bio in the 3rd quarter worth approximately $38,000. Geode Capital Management LLC lifted its position in shares of 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 purchasing an additional 78,406 shares during the period. Erste Asset Management GmbH purchased a new stake in shares of Passage Bio in the 3rd quarter worth approximately $1,718,000. Vanguard Group Inc. lifted its position in shares of Passage Bio by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 2,071,538 shares of the company’s stock worth $2,797,000 after purchasing an additional 52,656 shares during the period. Finally, Lynx1 Capital Management LP lifted its position in Passage Bio by 4.4% during the second quarter. Lynx1 Capital Management LP now owns 5,057,629 shares of the company’s stock valued at $4,017,000 after acquiring an additional 211,758 shares during the last quarter. 53.48% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on PASG shares. 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. Rodman & Renshaw assumed coverage on shares of Passage Bio in a report on Tuesday, September 3rd. They issued a “buy” rating and a $7.00 price target on the stock. Finally, Chardan Capital restated a “buy” rating and issued a $7.00 target price on shares of Passage Bio in a report on Thursday, November 14th.

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.