Short Interest in Passage Bio, Inc. (NASDAQ:PASG) Drops By 25.9%

Passage Bio, Inc. (NASDAQ:PASG) was the recipient of a significant decrease in short interest in January. As of January 30th, there was short interest totaling 11,220 shares, a decrease of 25.9% from the January 15th total of 15,142 shares. Based on an average trading volume of 53,681 shares, the days-to-cover ratio is presently 0.2 days. Approximately 0.4% of the company’s stock are short sold. Approximately 0.4% of the company’s stock are short sold. Based on an average trading volume of 53,681 shares, the days-to-cover ratio is presently 0.2 days.

Insider Activity at Passage Bio

In related news, CEO William Chou sold 4,076 shares of Passage Bio stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $18.44, for a total value of $75,161.44. Following the completion of the sale, the chief executive officer directly owned 6,524 shares in the company, valued at $120,302.56. This trade represents a 38.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.00% of the stock is owned by insiders.

Institutional Trading of Passage Bio

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Squarepoint Ops LLC purchased a new position in Passage Bio during the third quarter valued at approximately $188,000. Nano Cap New Millennium Growth Fund L P acquired a new position in shares of Passage Bio in the 4th quarter valued at $118,000. Renaissance Technologies LLC boosted its holdings in Passage Bio by 8.2% during the fourth 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 in the last quarter. Finally, Geode Capital Management LLC grew its position in Passage Bio by 15.1% during the fourth quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock valued at $371,000 after buying an additional 4,114 shares during the period. 53.48% of the stock is owned by institutional investors and hedge funds.

Passage Bio Price Performance

Shares of Passage Bio stock opened at $8.81 on Friday. The stock has a market cap of $28.02 million, a PE ratio of -0.61 and a beta of 1.72. The firm has a fifty day moving average price of $11.85 and a 200 day moving average price of $9.03. Passage Bio has a 1 year low of $5.12 and a 1 year high of $20.00.

Wall Street Analyst Weigh In

PASG has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Passage Bio in a report on Monday, December 29th. Chardan Capital initiated coverage on Passage Bio in a research report on Tuesday. They issued a “buy” rating and a $21.00 target price on the stock. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Passage Bio presently has a consensus rating of “Moderate Buy” and an average target price of $42.67.

Passage Bio Company Profile

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.