EOG Resources completes $5.6 billion acquisition of Encino Acquisition Partners
In a stark reflection of investor sentiment, Passage Bio Inc (PASG) stock has tumbled to a 52-week low, touching a price level of just $0.45. According to InvestingPro data, the company’s market capitalization has shrunk to $28.44 million, with the stock showing high volatility (Beta 1.55). This latest price point underscores a prolonged bearish trend for the biotechnology firm, which has seen its market value erode significantly over the past year. The 1-year change data paints a grim picture, with Passage Bio’s stock plummeting by -71.43%, signaling deep investor concerns over the company’s performance and future prospects. While the company maintains a strong current ratio of 5.15 and holds more cash than debt, InvestingPro analysis indicates rapid cash burn as a key concern. This substantial decline has left shareholders and market watchers closely monitoring the company’s strategic moves to recover from this low ebb. InvestingPro subscribers can access 10+ additional key insights about PASG’s financial health and future prospects.
In other recent news, Passage Bio, Inc. has transitioned its stock listing from The Nasdaq Global Select Market to The Nasdaq Capital Market. This strategic move comes after the company received approval from the Nasdaq Listing Qualifications department, following a period where its share price remained below the $1.00 minimum bid for over 30 consecutive business days. The transition is part of Passage Bio’s efforts to regain compliance with Nasdaq’s listing requirements. Despite the change, trading of the company’s shares continues uninterrupted, and the new market operates under similar financial and corporate governance standards. Passage Bio has been granted an additional 180 days, until July 28, 2025, to meet the minimum bid price requirement. To regain compliance, the company’s closing bid price must reach or exceed $1.00 per share for at least 10 consecutive business days. The company has indicated that it may consider a reverse stock split, among other options, to address the deficiency. This development follows an initial notification from Nasdaq on August 1, 2024, regarding the company’s non-compliance due to its stock price.
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