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

Passage Bio, Inc. (NASDAQ:PASG) was the target of a significant growth in short interest during the month of February. As of February 13th, there was short interest totaling 91,808 shares, a growth of 718.3% from the January 29th total of 11,220 shares. Based on an average daily trading volume, of 49,731 shares, the days-to-cover ratio is currently 1.8 days. Currently, 3.0% of the shares of the company are sold short. Currently, 3.0% of the shares of the company are sold short. Based on an average daily trading volume, of 49,731 shares, the days-to-cover ratio is currently 1.8 days.

Passage Bio Stock Performance

Shares of NASDAQ:PASG traded up $0.04 on Wednesday, hitting $9.32. The stock had a trading volume of 27,197 shares, compared to its average volume of 37,932. The company has a market capitalization of $29.64 million, a price-to-earnings ratio of -0.65 and a beta of 1.72. Passage Bio has a twelve month low of $5.12 and a twelve month high of $20.00. The firm’s 50 day moving average price is $11.69 and its 200-day moving average price is $9.22.

Insider Buying and Selling

In related news, CEO William Chou sold 4,076 shares of the business’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $18.44, for a total transaction of $75,161.44. Following the completion of the transaction, the chief executive officer owned 6,524 shares of the company’s stock, valued at approximately $120,302.56. The trade was a 38.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Squarepoint Ops LLC bought a new stake in Passage Bio during the 3rd quarter worth about $188,000. Nano Cap New Millennium Growth Fund L P bought a new position in Passage Bio in the fourth quarter valued at about $118,000. Geode Capital Management LLC boosted its stake in shares of Passage Bio by 15.1% in the 4th quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock valued at $371,000 after purchasing an additional 4,114 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Passage Bio by 8.2% during the 4th quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock worth $1,287,000 after buying an additional 8,300 shares during the period. Finally, Eversept Partners LP acquired a new stake in shares of Passage Bio during the 4th quarter worth approximately $1,490,000. 53.48% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Passage Bio in a research note on Monday, December 29th. Chardan Capital assumed coverage on shares of Passage Bio in a research note on Tuesday, February 10th. They issued a “buy” rating and a $21.00 target price for the company. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $42.67.

About Passage Bio

Passage Bio is a clinical-stage biotechnology company focused on the development of gene therapies to treat rare, monogenic central nervous system and neuromuscular disorders. The company applies its in-house gene therapy platform to design and engineer adeno-associated virus (AAV)–based vectors that restore or replace defective genes, aiming to deliver durable treatments with a single administration.

The company’s lead programs include PBGM01, an AAV9-based therapy for GM2 gangliosidoses (Tay–Sachs and Sandhoff diseases), which is conducting a first-in-human study to assess safety and potential therapeutic benefit.