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On December 27, Lynx1 Capital Administration LP, a big shareholder in Passage BIO, Inc. (NASDAQ:PASG), acquired 373,645 shares of the corporate’s frequent inventory. The shares had been bought at a weighted common value of $0.6451, with the transaction totaling roughly $241,038. The inventory, at present buying and selling at $0.57, sits under the acquisition value, although InvestingPro evaluation suggests the corporate is undervalued, with analysts setting value targets between $4 and $13.
The acquisition was executed in a number of transactions, with costs starting from $0.6426 to $0.65 per share. Following this acquisition, Lynx1 Capital Administration LP now holds 9,256,953 shares not directly by Lynx1 Grasp Fund LP. With a market capitalization of $39.4 million, the corporate maintains a robust liquidity place with a present ratio of 5.15 and extra cash than debt on its stability sheet. InvestingPro subscribers can entry 8 extra key insights about PASG’s monetary well being and market place.
The submitting notes that Weston Nichols, the only real member of Lynx1 Capital Administration GP LLC, serves because the funding supervisor for Lynx1 Capital Administration LP. Each the funding supervisor and Nichols disclaim useful possession of the securities, aside from any pecuniary curiosity they could have.
In different latest information, Passage Bio, Inc. has reported promising developments in gene remedy for frontotemporal dementia. The corporate’s gene remedy product, PBFT02, demonstrated encouraging preclinical and interim scientific information, displaying potential as a remedy for frontotemporal dementia with GRN mutations. The remedy, which makes use of an AAV1 viral vector for intra-cisterna magna administration of a purposeful GRN gene, has proven to extend progranulin ranges and alter the course of neurodegenerative ailments.
Extra latest developments embrace an estimated impairment value between $3.5 million and $5.5 million, following a sublease settlement and company restructuring. Passage Bio has additionally out-licensed remedies for GM1 gangliosidosis, Krabbe illness, and metachromatic leukodystrophy to GEMMA Biotherapeutics, Inc., a deal that features an upfront cost of $10 million and potential extra milestone funds.
Analysts at Canaccord Genuity maintained a Purchase ranking for Passage Bio, primarily based on the constructive interim information from the upliFT-D Part 1/2 examine. The corporate is at present reviewing choices to regain compliance with Nasdaq’s itemizing necessities after receiving a possible delisting discover.
Thomas Kassberg has been appointed as a Class I director and member of the Audit Committee, a transfer that provides intensive biotechnology expertise to the corporate’s management. Lastly, Passage Bio has obtained approval from the U.S. Meals and Drug Administration to guage PBFT02 for frontotemporal dementia sufferers with C9orf72 gene mutations.
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