Vestal Point Capital LP Boosts Position in Passage Bio, Inc. (NASDAQ:PASG)

Vestal Point Capital LP raised its stake in Passage Bio, Inc. (NASDAQ:PASG) by 0.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,100,000 shares of the company’s stock after buying an additional 48,000 shares during the period. Vestal Point Capital LP owned about 0.10% of Passage Bio worth $4,270,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Lynx1 Capital Management LP raised its stake in shares of Passage Bio by 4.4% during 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 in the last quarter. Landscape Capital Management L.L.C. purchased a new position in Passage Bio during the 3rd quarter worth $38,000. Finally, Vanguard Group Inc. increased its holdings in Passage Bio by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 2,071,538 shares of the company’s stock worth $2,797,000 after purchasing an additional 52,656 shares during the period. 53.48% of the stock is currently owned by institutional investors.

Insider Activity

In related news, major shareholder Orbimed Advisors Llc sold 63,100 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $0.74, for a total value of $46,694.00. Following the sale, the insider now owns 7,970,900 shares in the company, valued at $5,898,466. This represents a 0.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Lynx1 Capital Management Lp purchased 259,998 shares of Passage Bio stock in a transaction on Monday, November 25th. The shares were acquired at an average cost of $0.56 per share, with a total value of $145,598.88. Following the completion of the transaction, the insider now directly owns 8,686,953 shares in the company, valued at $4,864,693.68. The trade was a 3.09 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 4.30% of the company’s stock.

Passage Bio Price Performance

NASDAQ:PASG opened at $0.67 on Friday. Passage Bio, Inc. has a twelve month low of $0.45 and a twelve month high of $1.79. The company’s 50 day moving average is $0.61 and its two-hundred day moving average is $0.82.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PASG shares. Chardan Capital reissued a “buy” rating and set a $7.00 price target on shares of Passage Bio in a research report on Thursday, November 14th. Rodman & Renshaw began coverage on shares of Passage Bio in a report on Tuesday, September 3rd. They issued a “buy” rating and a $7.00 price target on the stock. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $13.00 target price on shares of Passage Bio in a research note on Thursday, November 14th.

Passage Bio 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.