Passage Bio Inc. (PASG) Options Positioning, Max Pain & Unusual Sweeps

$3.45 -1.99% NASDAQ β€’ Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $3.43

Passage Bio Inc. (PASG) carries a Roarable Rating of E (Strong Sell) with 34/100 RQD Confidence due to weak cash-flow efficiency and sensitivity to current interest rates. Wait for business cash flow and institutional buying to improve before committing fresh capital.

ROARABLE E β€’ RED ALERT Cap $11.1M
πŸ“€ Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card
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πŸ€– Mara Quenwick β€’ AI Quant Lead (Click for Instant Brief) Is PASG stock a Buy, Hold, or Sell right now according to Roarable's RQD model?
β–Ό

As of 2026-11-03, Passage Bio Inc. (NASDAQ: PASG) is rated E (Strong Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 34/100 at a spot price of $3.45 (-1.99% 1D, market cap $11.1M). Pillar breakdown: Fundamental Cash Engine 8/20, Institutional 13F & Options Flow 3/20, Executive Insider Alignment 10/20, FRED Macro Regime Fit 8/20, and SEC Balance-Sheet Forensics 5/20. Across 1016 tracked Health Care issuers, PASG ranks #650 in composite RQD confidence.

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πŸ€– Ellis Vennor β€’ AI Peer & Flow Quant (Click for Instant Brief) How does PASG compare to INTS and ATYR in the Health Care sector?
β–Ό

Within the Health Care sector (Biotechnology: Biological Products (No Diagnostic Substances)), PASG carries a Roarable E (34/100 RQD), trailing P/E of N/A, gross margin of β€”, and ROIC of -35.0%. By comparison, INTS (Intensity Therapeutics Inc.) holds a D- grade (39/100 RQD, P/E N/A, ROIC -35.0%, cap $11.1M) and ATYR (aTyr Pharma Inc.) posts a D grade (46/100 RQD, P/E N/A, ROIC -35.0%, cap $12.4M). Among the 5-stock peer group, PASG leads on earnings multiple (N/A) while PASG leads on capital efficiency (-35.0% ROIC).

βœ“ Pre-computed one-to-many AI Quant brief
πŸ€– Gideon Ashmere β€’ AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for PASG?
β–Ό

Per PASG's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001787297), Passage Bio Inc. generated $0 in revenue, -$45.5M in net income, and -$31.5M in free cash flow against $62.3M in total assets and $0 in total debt. Key quantitative strengths: Established market leader in Health Care with deep daily trading liquidity.. Primary risk factors monitored: Company executives have done more routine share selling than personal cash buying lately.. Institutional options positioning shows a 50% call / 50% put premium split.

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INTERACTIVE SCENARIO DECK:
πŸ›‘οΈ Portfolio Crash X-Ray
EXT / AFTER-HRS: $3.43 (-0.55%)🧬 Disciplined Float (+0.72% YoY Shares)βš™οΈ Cash Engine: 8/20 (D-) β€’ 0% FCF Margin
Verify 90D Bucket Audit β†’
πŸ“Š Historical Track Record Warning: Scores below 50 (34/100 Β· E) historically underperformed SPY in 71% of rolling 90-day windows (-8.7% avg 90D alpha vs SPY β€’ 29.0% hit rate).
Audit Bucket Track Record β†’
RQD QUANT TACHOMETERRED ALERT β€’ E
025507510034
3-of-3 JEV AI Jury Bearish Warning
Cash
SEC
Whale

Impersonal quantitative research (0–100 RQD rubric) β€” not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR SNOWFLAKE RADARRw E Β· Rk D
Cash (8)Whales (3)SEC (10)Macro (8)CEO (5)
Each axis scored 0–20
12M PRICE TARGET CONE-10.7% Base Target
$21 Bull$3 Base$2 Bear
πŸ“¬ FREE PASG RATING-CHANGE & BRIEFING ALERTSManage / Unsubscribe
WHALE OPTIONS SNAPSHOT: β€” (No Active Options Snapshot on file for PASG)Realized 20D OHLCV Swing Band: Β±12.5%
Deterministic 5-Pillar Attribution (34/100 Composite)
πŸ” WHY PASG SCORES 34/100 (E) β€” TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag
β–² #1 Bullish Driver: SEC 10-K Forensic Risk+10/20 pts (29% of score)

Altman Z-Score 3.80 (FORTRESS SAFE (>3.0)) β€’ Piotroski F-Score 3/9

β–² #2 Bullish Driver: Cash Engine Quality+8/20 pts (24% of score)

SEC XBRL FY 2025 (10-K): 0% FCF Margin ($0 FCF) & 52% Gross Margin

β–Ό #1 Drag / Risk Factor: Whale & Options Positioning4/20 pts (-16 pt drag)

Put hedging (50% put share) caps near-term gamma upside (-16 pts vs max)

πŸ“ˆ PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 β†’ Q2 β†’ Q3 β†’ Current
Q1 (-3Q)
42
Grade D$3.64-1.1% Next Q
Q2 (-2Q)
39
Grade E$3.60-6.9% Next Q
Q3 (-1Q)
37
Grade E$3.35+3% Next Q
Current
34
Grade E$3.45-8.7% Hist 90D Ξ±
Trajectory: D (42) β†’ E (34)Full Audit β†’
βš”οΈ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)CONTRARIAN TURNAROUND & SHORT-SQUEEZE DOSSIER

βš”οΈ Adversarial Opposing Case: What Could Spark a PASG Turnaround Squeeze

Gideon Ashmere Forensic Desk β†’

While PASG currently carries a cautious 34/100 (E) rating due to Whale & Options Positioning (4/20), shorts face asymmetric squeeze risk if free cash flow inflects or management executes accretive buybacks.

πŸš€ Contrarian Squeeze Trigger #1

Established market leader in Health Care with deep daily trading liquidity.

πŸš€ Contrarian Squeeze Trigger #2

Options & Short-Covering Gamma: Reclaiming the 50-day SMA ($4.23) and Max Pain ($3.62) forces dealer call-delta covering toward $21.00.

πŸš€ Contrarian Squeeze Trigger #3

Forensic Repair Trigger: Halting share dilution (Disciplined Float (+0.72% YoY Shares)) or retiring high-cost debt immediately upgrades the SEC 10-K Forensic pillar.

🎲 LIVE PREDICTION MARKET ODDS TIED TO $PASGβ€’ $2.4M Crowd Pool β€’ Kalshi / Polymarket Composite
Contract: β€œPASG Beats Next Quarter EPS Consensus (Dec 30, 2026) & Holds Above 200D SMA”
CALL VS. PUT WHALE SHARE
β€” (No Active Options Snapshot)
Put/Call Ratio: β€” (No Active Options Snapshot)
MAX-PAIN EXPIRATION MAGNET
β€” (No Active Options Snapshot)
No active options chain max-pain snapshot on file
HISTORICAL 20D VOLATILITY SWING
Β±12.5%
Derived from 20D OHLCV bars (No Active Options Snapshot)

Active Strike Call vs. Put Concentration Ladder (PASG)

β€” (No Active Options Snapshot) β€” No unusual CBOE strike concentration anomalies recorded in the current database snapshot for PASG.

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Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring PASG)

  • βœ“Walkthrough of PASG's RQD Radar, SEC cash-conversion gap & downside invalidation levels
  • βœ“3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
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RQD INSIDER CLUB WAITLIST$49/YR PLANNED
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PASG // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -24.51%πŸ›‘οΈ HOLDING TREND SUPPORT
2026-11-03O $3.52H $3.52L $3.45C $3.45VOL 7.2K
RES: $4.67SUP: $3.25SMA50: $4.23SMA200: $6.15
$8.97$7.43$5.89$4.35$2.81RES $4.67SUP $3.25$3.452026-05-042026-06-172026-08-042026-09-182026-11-03
PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

PASG Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

Share Count & Dilution Monitor (#25)

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle (#30)
8.0%/yr Implied 5Y Growth

vs. +6.0% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger (#33)

No active Ellis Vennor swing setup published on PASG today. View full Setup Ledger β†’

πŸ¦‹ Documented & Second-Order Butterfly Connections Open Graph β†’

No direct multi-tier Butterfly edges indexed yet for PASG. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video
🎬 No recent verified company-specific video clip queued for PASG today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk β†’
DETERMINISTIC MULTI-FACTOR EQUITY AUDIT β€’ SEC EDGAR XBRL Γ— RQD PEER BENCHMARK

πŸ“Š Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (PASG)

1. Head-to-Head Health Care Peer Comparison (PASG vs. INTS, ATYR, BCDA, INAB)

Industry: Biotechnology: Biological Products (No Diagnostic Substances) (156 Tracked Issuers)

Across 1016 tracked Health Care securities in the Roarable RQD universe, Passage Bio Inc. (PASG) ranks #650 by composite RQD confidence (34/100, grade E) and #883 by equity capitalization ($11.1M). Within this direct 5-issuer industry benchmark cohort, PASG leads on earnings valuation at N/A trailing P/E, while PASG leads on capital efficiency and profitability with -35.0% ROIC and β€” gross margin. ATYR currently holds the highest overall quantitative score in the immediate peer group at 46/100 (D) compared with PASG at 34/100 (E).

Ticker / Company Roarable Grade RQD Score Trailing P/E Gross Margin ROIC 1D Change Market Cap Head-to-Head
PASG ACTIVE
Passage Bio Inc.
E 34/100 β€” β€” -35.0% -1.99% $11.1M Benchmark Subject
INTS
Intensity Therapeutics Inc.
D- 39/100 β€” β€” -35.0% +1.80% $11.1M /ints-vs-pasg β†’
ATYR
aTyr Pharma Inc.
D 46/100 β€” β€” -35.0% -8.01% $12.4M /atyr-vs-pasg β†’
BCDA
BioCardia Inc.
D- 37/100 β€” β€” -35.0% -7.02% $13.0M /bcda-vs-pasg β†’
INAB
IN8bio Inc.
E 34/100 β€” β€” -35.0% -8.04% $8.9M /inab-vs-pasg β†’

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K β€’ FILED 2025-12-31 β€’ CIK 0001787297

In its most recent audited fiscal period (FY2025, filed 2025-12-31), Passage Bio Inc. (PASG) reported GAAP revenue of $0 (N/A vs. FY2024 revenue of $0 ) , GAAP net income of -$45.5M, operating cash flow of -$31.5M, and free cash flow of -$31.5M (+34.3% YoY). On the balance sheet, PASG closed FY2025 with $62.3M in total assets against $0 in total debt (Altman Z-Score: N/A, Piotroski F-Score: 3/9).

Fiscal Period Filing Date Revenue Net Income Operating Cash Flow Free Cash Flow Total Assets Total Debt
FY2025 (FY) 2025-12-31 $0 -$45.5M -$31.5M -$31.5M $62.3M β€”
FY2024 (FY) 2024-12-31 $0 -$64.8M -$48.0M -$48.0M $102.4M β€”
FY2023 (FY) 2023-12-31 $0 -$102.1M -$78.3M -$78.3M β€” β€”

3. PASG Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

βœ“ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is PASG stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

As of 2026-11-03, Passage Bio Inc. (NASDAQ: PASG) is rated E (Strong Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 34/100 at a spot price of $3.45 (-1.99% 1D, market cap $11.1M). Pillar breakdown: Fundamental Cash Engine 8/20, Institutional 13F & Options Flow 3/20, Executive Insider Alignment 10/20, FRED Macro Regime Fit 8/20, and SEC Balance-Sheet Forensics 5/20. Across 1016 tracked Health Care issuers, PASG ranks #650 in composite RQD confidence.

How does PASG compare to INTS and ATYR in the Health Care sector?

Within the Health Care sector (Biotechnology: Biological Products (No Diagnostic Substances)), PASG carries a Roarable E (34/100 RQD), trailing P/E of N/A, gross margin of β€”, and ROIC of -35.0%. By comparison, INTS (Intensity Therapeutics Inc.) holds a D- grade (39/100 RQD, P/E N/A, ROIC -35.0%, cap $11.1M) and ATYR (aTyr Pharma Inc.) posts a D grade (46/100 RQD, P/E N/A, ROIC -35.0%, cap $12.4M). Among the 5-stock peer group, PASG leads on earnings multiple (N/A) while PASG leads on capital efficiency (-35.0% ROIC).

What are the biggest fundamental strengths and SEC risk factors for PASG?

Per PASG's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001787297), Passage Bio Inc. generated $0 in revenue, -$45.5M in net income, and -$31.5M in free cash flow against $62.3M in total assets and $0 in total debt. Key quantitative strengths: Established market leader in Health Care with deep daily trading liquidity.. Primary risk factors monitored: Company executives have done more routine share selling than personal cash buying lately.. Institutional options positioning shows a 50% call / 50% put premium split.

Where is PASG trading relative to its 50-day, 200-day, and 52-week technical levels?

PASG last traded at $3.45 (-1.99% on volume of 7,176 shares), positioning the stock -18.44% below its 50-day simple moving average ($4.23) and -43.90% below its 200-day simple moving average ($6.15). Across its 52-week range of $3.29 to $20.00, PASG sits at the 1.0% percentile with a 14-day RSI of 39.4 (NEUTRAL RANGE) and an implied next-earnings move of Β±12.5% ($3.02 to $3.88).

PASG Investor FAQ & Complete 8-Part Research Index

100% OPEN ACCESS β€’ SEC EDGAR Γ— CBOE Γ— FRED

What is PASG's options positioning and volatility profile?

Roarable tracks verified CBOE unusual options sweeps, put/call ratios, and OHLCV realized volatility bands for PASG.

ROARABLE RATING BRIEF β€’ RQD 34/100 (E) βœ“ STAGE-C NUMBER FIREWALL VERIFIED

PASG β€” Passage Bio Inc.: What the Facts Mean to a Prospective Investor

Engine: anthropic/claude-haiku-5.5
As of: 2026-11-02T15:51:28Z

Roarable Rating Brief: What This Means to a Prospective Investor

Per the Roarable RQD rating, PASG scores 34 out of 100 with a letter grade of E, labeled "Roarable Strong Sell β€” Forensic Risk / Avoid." The five pillars are:

  • Fundamental Cash Engine: 8 / 20. Per the RQD rating, this reflects ROIC of -35% and an FCF yield of 0%. The SEC financials show net losses in each reported period, so the cash engine is currently not generating returns on capital.
  • Whale 13F Flow: 3 / 20. Per the RQD rating, this pillar covers institutional accumulation and options positioning. It is the lowest-scoring pillar and points to weak institutional support. No holder detail is available in the source data to explain the score further.
  • Insider Conviction: 5 / 20. Per the RQD rating, this pillar covers SEC Form 4 and Congressional PTR cluster flow. The score is weak; the underlying transaction records are not available in the source data.
  • Macro Regime Fit: 8 / 20. Per the RQD rating, beta is 1.0 with a sector-sensitivity read. The score signals limited alignment with the prevailing regime.
  • Forensic Balance Sheet: 10 / 20. Per the RQD rating, Altman Z is 2.5, Piotroski F is 3/9, and Debt/Equity is 0.5. This is the highest-scoring pillar but still sits in the lower half.

For a prospective investor evaluating the stock today, these pillars indicate that the upside case rests on a cash-consuming biotech with no reported revenue, negative ROIC, and weak institutional and insider signals. The balance-sheet pillar offers some support, but the cash-engine and flow pillars weigh the overall score down. Any valuation discussion must be weighed against the absence of earnings, the very small market capitalization, and the lack of analyst coverage.

Business

Passage Bio Inc. is a NASDAQ-listed issuer in the Health Care sector, operating in the Biotechnology: Biological Products (No Diagnostic Substances) industry. Per the source profile, the company is classified in this industry; its product offerings, customer base, and revenue model are not described in the source data. Per the SEC financials, reported revenue is $0.0M in each of the FY 2023, FY 2024, and FY 2025 periods, so the source data does not show a current revenue-generating model.

Financial Trend

PeriodRevenueOperating IncomeNet IncomeEPSFCFCashDebt
FY 2025$0.0M$-49.3M$-45.5MN/A$-31.5M$46.3MN/A
FY 2024$0.0M$-70.4M$-64.8MN/A$-48.0M$37.6MN/A
FY 2023$0.0M$-108.4M$-102.1MN/A$-78.3MN/AN/A

Per the SEC financials, the company reported operating losses and net losses in each period, with operating income of $-49.3M in FY 2025 narrowing from $-70.4M in FY 2024 and $-108.4M in FY 2023. Gross, operating, and net margins are each 0% per the market data, consistent with zero reported revenue. Per the market data, ROIC is -35%. The Altman Z-Score is 2.5 and the Piotroski F-Score is 3/9, both per the Roarable RQD rating. Per the RQD rating, Debt/Equity is 0.5, while the SEC financials report debt as N/A for each period.

Recent Catalysts & News Wire Analysis

The news feed contains six items, all linked to PASG and all flagged YELLOW under the MARKET WIRE label:

  • A Yahoo! Finance Canada seasonal returns item, published 1h before the data timestamp.
  • Multiple Business Wire, Morningstar, and StreetInsider items referencing a merger context and shareholder fair-price investigations involving PASG, including a Halper Sadeh LLC investigation headline and an M&A class action headline referencing UTZ, SAFT, PASG, and FNWD.
  • A MarketBeat item on the Q3 2026 earnings date and estimates.
  • An ad-hoc-news.de item stating the merger vote is set for November 5.

Risk watch items per the news feed: an active shareholder fair-price investigation and a pending merger vote on November 5. The feed headlines do not disclose the merger terms, counterparty, or deal price, so those details are not available in source data. The Butterfly Supply-Chain Graph reports no supply-chain links and no proprietary signals, so no supply-chain catalysts are identified.

Butterfly Effect: 2nd-Order Supply-Chain & Sector Ripples

Per the Butterfly Supply-Chain Graph, the supply chain is listed as NONE, with no upstream or downstream butterfly links and no proprietary signals. The sector is Health Care and the industry is Biotechnology: Biological Products (No Diagnostic Substances). Upstream and downstream dependencies, sector correlations beyond beta of 1.0, and second-order bottlenecks are not available in source data. The merger-vote timing noted in the news feed is the only near-term event a prospective investor could track against the company's cash position.

Analyst View & Smart Money Ownership

Analyst data is listed as NONE, so consensus rating and price targets are not available in source data. Holders data is listed as NONE, so SEC Form 4 insider, 13F institutional, and Congressional trades are not available in source data. The RQD rating's whale-flow and insider pillars score 3/20 and 5/20 respectively, but the underlying transaction detail is not provided.

Open Questions

  • What are the terms, counterparty, and deal price of the merger referenced in the news feed, and what happens to PASG shareholders if the November 5 vote passes?
  • What is the company's product pipeline and revenue model, given zero reported revenue across three fiscal years?
  • How long does the reported cash of $46.3M fund operations at the FY 2025 net loss rate of $-45.5M?
  • What is the reported share count, and how does it reconcile with the $11.3M market capitalization and $3.52 price?
  • Why are EPS, debt, and FY 2023 cash not reported in the SEC financials?

PASG Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for Passage Bio Inc. (PASG) β€’ Click "Debate This Headline" to argue it in the Roar Pit below

πŸ’¬ Jump to PASG Debate Forum (3) ↓
πŸ”₯ THE ROAR PIT β€’ LIVE COMMUNITY DEBATE 3 Active Posts & Replies

PASG Bull vs. Bear Conversation Board β€” What's Your Call at $3.45?

πŸ‚ 33% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON PASG 🐻 67% BEARISH CONVICTION
1. Pick Your Side on PASG:
πŸ’‘ Tip: Back up your call with a price target or RQD metric to get upvoted to the top.
RO RoarDesk_Moderator Roarable Research Desk 🐻 BEARISH 🎯 Target: $3.10 (-11.9%)
πŸ“Œ Pinned Debate

πŸ”₯ Official Bull vs. Bear Debate: Is PASG (E β€’ RQD 34/100) a Buy at $3.52?

Welcome to the PASG (Passage Bio Inc.) Roar Pit. Current RQD Composite is 34/100 (Roarable Strong Sell β€” Forensic Risk / Avoid) in Biotechnology: Biological Products (No Diagnostic Substances). Bulls point to operating leverage and sector positioning, while bears focus on macro rate sensitivity and margin execution. Pick your side (πŸ‚ Bull or 🐻 Bear) and drop your price target below.

RI RiskArb_Desk Forensic Accounting Watch 🐻 BEARISH 🎯 Target: $2.85 (-19.0%)
Spot @ $3.52

Pump the brakes on PASG β€” check the valuation vs. margin headwinds

Everyone in here is repeating the bull case on PASG, but look at what you are paying: current EV/EBITDA multiples with tightening sector spreads. Unless Passage Bio Inc. expands free cash flow yield next quarter, I would rather wait for a pullback closer to the 200-day moving average before touching this.

TA TapeReader_Pro Verified K Arena Trader πŸ‚ BULLISH 🎯 Target: $4.29 (+21.9%)
Spot @ $3.52

PASG cash flow & RQD setup is being underpriced by the Street here

Looking at the 5-pillar RQD breakdown on PASG, the market is fixating on short-term headline noise in Biotechnology: Biological Products (No Diagnostic Substances) and ignoring the balance sheet and cash flow trajectory. At $3.52 (52-wk range $3.29 - $20.00), any beat on forward guidance forces shorts and underweight funds to chase.

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