Insider Buying: Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Acquires $145,598.88 in Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Lynx1 Capital Management Lp acquired 259,998 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was purchased at an average price of $0.56 per share, for a total transaction of $145,598.88. Following the purchase, the insider now owns 8,686,953 shares of the company’s stock, valued at $4,864,693.68. The trade was a 3.09 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases 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 shares were purchased at an average cost of $0.67 per share, for a total transaction of $19,631.00.

Passage Bio Stock Up 69.5 %

PASG stock opened at $1.13 on Friday. The stock has a 50-day simple moving average of $0.61 and a two-hundred day simple moving average of $0.82. Passage Bio, Inc. has a twelve month low of $0.45 and a twelve month high of $1.79. The firm has a market capitalization of $69.80 million, a PE ratio of -0.79 and a beta of 1.20.

Analyst Ratings Changes

PASG has been the subject of several recent research reports. Wedbush started coverage on Passage Bio in a report on Friday. They issued an “outperform” rating and a $4.00 price objective for the company. Chardan Capital reiterated a “buy” rating and issued a $7.00 target price on shares of Passage Bio in a research note on Thursday, November 14th. Canaccord Genuity Group restated a “buy” rating and set a $13.00 price target on shares of Passage Bio in a research note on Thursday, November 14th. Finally, Rodman & Renshaw assumed coverage on shares of Passage Bio in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $7.00 price objective for the company.

Hedge Funds Weigh In On Passage Bio

A number of large investors have recently modified their holdings of PASG. Vestal Point Capital LP increased its holdings 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 worth $4,270,000 after acquiring an additional 48,000 shares during the period. Lynx1 Capital Management LP grew its position in shares of Passage Bio by 4.4% during the 2nd quarter. Lynx1 Capital Management LP now owns 5,057,629 shares of the company’s stock valued at $4,017,000 after purchasing an additional 211,758 shares in the last quarter. Erste Asset Management GmbH bought a new position in shares of Passage Bio in the third quarter worth $1,718,000. Vanguard Group Inc. raised its position in shares of Passage Bio by 2.6% in the first quarter. Vanguard Group Inc. now owns 2,071,538 shares of the company’s stock worth $2,797,000 after buying an additional 52,656 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Passage Bio by 18.2% in the third 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 in the last quarter. 53.48% of the stock is currently owned by institutional investors.

Passage Bio Company Profile

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.