Passage Bio Added to Russell 2000 Index

Rhea-AI Summary

Passage Bio has officially been added to the Russell 2000® Index as of market close on June 26, 2020. This index tracks small-cap stocks in the U.S. equity market, reflecting about 10% of the Russell 3000® Index’s market capitalization. Passage Bio specializes in genetic medicines for rare, monogenic CNS disorders, and partners with the University of Pennsylvania for research and development. Its portfolio includes six product candidates targeting GM1 gangliosidosis, frontotemporal dementia, and Krabbe disease.

Positive

• Inclusion in the Russell 2000® Index may enhance visibility and attract institutional investors.
• Company has a strong partnership with the University of Pennsylvania for research and clinical development.

Negative

• None.

PHILADELPHIA, June 26, 2020 (GLOBE NEWSWIRE) -- Passage Bio, Inc. (NASDAQ: PASG), a genetic medicines company focused on developing transformative therapies for rare, monogenic central nervous system disorders, today announced that it has been added to the Russell 2000® Index, effective as of market close today.

The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity market. The index is a subset of the Russell 3000® Index and represents approximately 10 percent of the total market capitalization of that index. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $9 trillion in assets are benchmarked against Russell’s U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

About Passage Bio
Passage Bio is a genetic medicines company focused on developing transformative therapies for rare, monogenic central nervous system disorders with limited or no approved treatment options. The company is based in Philadelphia, PA and has a research, collaboration and license agreement with the University of Pennsylvania and its Gene Therapy Program (GTP). The GTP conducts discovery and IND-enabling preclinical work and Passage Bio conducts all clinical development, regulatory strategy and commercialization activities under the agreement. The company has a development portfolio of six product candidates, with the option to license eleven more, with lead programs in GM1 gangliosidosis, frontotemporal dementia and Krabbe disease.

For further information, please contact:

Investors:
Sarah McCabe
Stern Investor Relations, Inc.
212-362-1200
sarah.mccabe@sternir.com

Media:
Azeem Zeekrya
HDMZ
312-506-5244
azeem.zeekrya@hdmz.com

FAQ

What does it mean for PASG to be added to the Russell 2000® Index?

Being added to the Russell 2000® Index increases institutional investor interest and can enhance the stock's visibility in the market.

When did Passage Bio get added to the Russell 2000® Index?

Passage Bio was added to the Russell 2000® Index effective as of market close on June 26, 2020.

What is Passage Bio's focus in the biotechnology sector?

Passage Bio focuses on developing genetic therapies for rare, monogenic central nervous system disorders.

What is the significance of the Russell 2000® Index?

The Russell 2000® Index measures the performance of small-cap stocks and is widely used by investors for index funds and benchmarks.