Passage Bio (NASDAQ:PASG) Shares Down 7.8% – Here’s What Happened

Passage Bio, Inc. (NASDAQ:PASG)’s stock price dropped 7.8% on Friday . The stock traded as low as $0.38 and last traded at $0.38. Approximately 252,086 shares changed hands during trading, a decline of 24% from the average daily volume of 330,538 shares. The stock had previously closed at $0.41.

Analyst Upgrades and Downgrades

Separately, Chardan Capital dropped their target price on shares of Passage Bio from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th.

Passage Bio Stock Down 7.8 %

The firm has a 50-day simple moving average of $0.52 and a 200 day simple moving average of $0.61. The company has a market cap of $23.68 million, a price-to-earnings ratio of -0.33 and a beta of 1.55.

Passage Bio (NASDAQ:PASG) last announced its earnings results on Tuesday, March 4th. The company reported ($0.20) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. As a group, research analysts expect that Passage Bio, Inc. will post -1.03 EPS for the current year.

Insider Activity

In other news, major shareholder Orbimed Advisors Llc sold 75,007 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $0.68, for a total value of $51,004.76. Following the transaction, the insider now owns 7,257,845 shares of the company’s stock, valued at approximately $4,935,334.60. The trade was a 1.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders sold 238,683 shares of company stock valued at $160,814. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Passage Bio

Institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC lifted its stake in shares of Passage Bio by 983.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 54,479 shares of the company’s stock worth $31,000 after acquiring an additional 49,449 shares during the period. Northern Trust Corp increased its stake in shares of Passage Bio by 55.1% during the fourth quarter. Northern Trust Corp now owns 62,476 shares of the company’s stock worth $35,000 after acquiring an additional 22,195 shares during the period. Squarepoint Ops LLC raised its holdings in Passage Bio by 129.5% during the fourth quarter. Squarepoint Ops LLC now owns 64,099 shares of the company’s stock worth $36,000 after purchasing an additional 36,172 shares in the last quarter. Jane Street Group LLC lifted its position in Passage Bio by 537.2% in the fourth quarter. Jane Street Group LLC now owns 78,190 shares of the company’s stock valued at $44,000 after purchasing an additional 65,919 shares during the period. Finally, Shay Capital LLC boosted its holdings in Passage Bio by 144.2% in the 4th quarter. Shay Capital LLC now owns 225,261 shares of the company’s stock valued at $128,000 after purchasing an additional 133,005 shares in the last quarter. 53.48% of the stock is owned by institutional investors and hedge funds.

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.