Passage Bio, Inc. (NASDAQ:PASG) Sees Significant Increase in Short Interest


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Passage Bio, Inc. (NASDAQ:PASG) was the target of a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 3,970,000 shares, an increase of 21.4% from the March 31st total of 3,270,000 shares. Currently, 12.9% of the company’s shares are sold short. Based on an average trading volume of 464,000 shares, the days-to-cover ratio is presently 8.6 days.

PASG has been the subject of a number of recent analyst reports. Wedbush initiated coverage on Passage Bio in a report on Monday, January 25th. They set an “outperform” rating and a $26.00 target price for the company. JPMorgan Chase & Co. raised shares of Passage Bio from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $25.00 to $35.00 in a research note on Monday, January 4th. Chardan Capital raised their price objective on Passage Bio from $35.50 to $45.00 and gave the company a “buy” rating in a research report on Monday, March 15th. Guggenheim began coverage on Passage Bio in a report on Thursday, February 4th. They set a “buy” rating and a $25.00 price target for the company. Finally, The Goldman Sachs Group upgraded shares of Passage Bio from a “neutral” rating to a “buy” rating and raised their price objective for the company from $28.00 to $30.00 in a research note on Wednesday, March 10th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $27.28.

Shares of PASG stock traded down $0.43 during trading hours on Tuesday, reaching $18.37. The company had a trading volume of 8,995 shares, compared to its average volume of 418,856. The business has a fifty day moving average price of $17.61 and a 200-day moving average price of $20.59. Passage Bio has a one year low of $12.10 and a one year high of $38.23.

Passage Bio (NASDAQ:PASG) last issued its earnings results on Tuesday, March 2nd. The company reported ($0.83) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.69) by ($0.14). Analysts anticipate that Passage Bio will post -2.76 earnings per share for the current year.

In other Passage Bio news, insider Gary Romano sold 10,000 shares of Passage Bio stock in a transaction that occurred on Monday, March 15th. The stock was sold at an average price of $21.10, for a total value of $211,000.00. Following the transaction, the insider now directly owns 10,000 shares of the company’s stock, valued at approximately $211,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

A number of institutional investors have recently bought and sold shares of PASG. BlackRock Inc. lifted its holdings in Passage Bio by 46.3% in the fourth quarter. BlackRock Inc. now owns 2,213,700 shares of the company’s stock valued at $56,606,000 after acquiring an additional 700,431 shares during the period. Highline Capital Management L.P. lifted its position in Passage Bio by 0.4% during the fourth quarter. Highline Capital Management L.P. now owns 602,248 shares of the company’s stock valued at $15,399,000 after purchasing an additional 2,121 shares in the last quarter. Emerald Advisers LLC lifted its position in Passage Bio by 46.6% during the first quarter. Emerald Advisers LLC now owns 499,541 shares of the company’s stock valued at $8,732,000 after purchasing an additional 158,843 shares in the last quarter. Morgan Stanley grew its holdings in Passage Bio by 3.6% during the fourth quarter. Morgan Stanley now owns 424,348 shares of the company’s stock valued at $10,851,000 after purchasing an additional 14,774 shares during the period. Finally, Emerald Mutual Fund Advisers Trust increased its position in Passage Bio by 115.5% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 297,713 shares of the company’s stock worth $5,204,000 after buying an additional 159,552 shares in the last quarter. Institutional investors own 67.59% of the company’s stock.

About Passage Bio

Passage Bio, Inc, a genetic medicines company, develops transformative therapies for rare monogenic central nervous system (CNS) diseases. It develops PBGM01, which utilizes a proprietary, AAVhu68 capsid to deliver to the brain and peripheral tissues a functional GLB1 gene encoding lysosomal acid beta-galactosidase (Ã-gal) for infantile GM1; PBFT02, which utilizes an AAV1 capsid to deliver to the brain a functional granulin, or GRN, gene encoding progranulin, or PGRN, for the treatment of FTD-GRN; and PBKR03, which utilizes a proprietary, AAVhu68 capsid to deliver to the brain and peripheral tissues a functional GALC gene encoding the hydrolytic enzyme galactosylceramidase for infantile Krabbe disease.

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