Insider Buying: Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Purchases 373,645 Shares of Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Lynx1 Capital Management Lp purchased 373,645 shares of the company’s stock in a transaction that occurred on Friday, December 27th. The shares were acquired at an average price of $0.65 per share, for a total transaction of $242,869.25. Following the completion of the acquisition, the insider now directly owns 9,256,953 shares of the company’s stock, valued at $6,017,019.45. This trade represents a 4.21 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own at least 10% 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 bought 29,300 shares of Passage Bio stock. The shares were acquired at an average cost of $0.67 per share, with a total value of $19,631.00.
• On Monday, November 25th, Lynx1 Capital Management Lp purchased 259,998 shares of Passage Bio stock. The stock was bought at an average cost of $0.56 per share, for a total transaction of $145,598.88.

Passage Bio Stock Up 46.4 %

Shares of NASDAQ:PASG opened at $0.83 on Friday. The firm has a market capitalization of $51.27 million, a PE ratio of -0.71 and a beta of 1.43. The company has a 50-day moving average price of $0.67 and a two-hundred day moving average price of $0.74. Passage Bio, Inc. has a twelve month low of $0.45 and a twelve month high of $1.79.

Institutional Trading of Passage Bio

A number of institutional investors have recently modified their holdings of PASG. Erste Asset Management GmbH purchased a new position in Passage Bio during the 3rd quarter valued at about $1,718,000. Lynx1 Capital Management LP boosted its position in shares of Passage Bio by 4.4% in 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 period. Geode Capital Management LLC grew 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 valued at $357,000 after acquiring an additional 78,406 shares in the last quarter. Landscape Capital Management L.L.C. bought a new stake in Passage Bio during the 3rd quarter worth approximately $38,000. Finally, 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. 53.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PASG has been the topic of several research reports. Chardan Capital reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Passage Bio in a research report on Thursday, November 14th. Wedbush started coverage on shares of Passage Bio in a report on Friday, November 29th. They issued an “outperform” rating and a $4.00 price target on the stock. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $13.00 price objective 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.