Insider Selling: Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells 19,481 Shares of Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 19,481 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $0.77, for a total value of $15,000.37. Following the completion of the transaction, the insider now directly owns 7,385,388 shares of the company’s stock, valued at approximately $5,686,748.76. This trade represents a 0.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Orbimed Advisors Llc also recently made the following trade(s):

• On Wednesday, January 8th, Orbimed Advisors Llc sold 75,007 shares of Passage Bio stock. The stock was sold at an average price of $0.68, for a total value of $51,004.76.
• On Friday, December 20th, Orbimed Advisors Llc sold 230,321 shares of Passage Bio stock. The shares were sold at an average price of $0.60, for a total transaction of $138,192.60.
• On Wednesday, December 11th, Orbimed Advisors Llc sold 80 shares of Passage Bio stock. The shares were sold at an average price of $0.80, for a total value of $64.00.
• On Monday, December 9th, Orbimed Advisors Llc sold 54,181 shares of Passage Bio stock. The shares were sold at an average price of $0.84, for a total value of $45,512.04.
• On Friday, December 6th, Orbimed Advisors Llc sold 20,903 shares of Passage Bio stock. The shares were sold at an average price of $0.82, for a total value of $17,140.46.
• On Wednesday, December 4th, Orbimed Advisors Llc sold 76,200 shares of Passage Bio stock. The shares were sold at an average price of $0.79, for a total value of $60,198.00.

Passage Bio Stock Performance

Shares of PASG traded down $0.04 during midday trading on Wednesday, hitting $0.66. The company had a trading volume of 434,014 shares, compared to its average volume of 1,794,442. The company’s 50-day simple moving average is $0.68 and its 200-day simple moving average is $0.73. The firm has a market capitalization of $40.70 million, a P/E ratio of -0.56 and a beta of 1.54. Passage Bio, Inc. has a 1 year low of $0.45 and a 1 year high of $1.79.

Institutional Investors Weigh In On Passage Bio

Several hedge funds and other institutional investors have recently made changes to their positions in PASG. Landscape Capital Management L.L.C. acquired a new stake in shares of Passage Bio during the 3rd quarter worth about $38,000. Geode Capital Management LLC raised its position in shares of Passage Bio by 18.2% during the 3rd quarter. Geode Capital Management LLC now owns 509,516 shares of the company’s stock worth $357,000 after acquiring an additional 78,406 shares in the last quarter. Erste Asset Management GmbH acquired a new stake in shares of Passage Bio during the 3rd quarter worth about $1,718,000. Lynx1 Capital Management LP raised its position in shares of Passage Bio by 4.4% during the 2nd quarter. Lynx1 Capital Management LP now owns 5,057,629 shares of the company’s stock worth $4,017,000 after acquiring an additional 211,758 shares in the last quarter. Finally, Vestal Point Capital LP raised its position in shares of Passage Bio by 0.8% during the 3rd quarter. Vestal Point Capital LP now owns 6,100,000 shares of the company’s stock worth $4,270,000 after acquiring an additional 48,000 shares in the last quarter. Institutional investors and hedge funds own 53.48% of the company’s stock.

Wall Street Analyst Weigh In

PASG has been the topic of a number of recent analyst reports. Chardan Capital reiterated a “buy” rating and set a $7.00 target price on shares of Passage Bio in a research report on Thursday, November 14th. Wedbush assumed coverage on Passage Bio in a report on Friday, November 29th. They set an “outperform” rating and a $4.00 price target for the company. Finally, Canaccord Genuity Group restated a “buy” rating and set a $13.00 target price on shares of Passage Bio in a report on Thursday, November 14th.

Passage Bio Company 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.