Insider Selling: Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells 75,007 Shares of Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 75,007 shares of the business’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $0.68, for a total value of $51,004.76. Following the transaction, the insider now owns 7,257,845 shares of the company’s stock, valued at approximately $4,935,334.60. The trade was a 1.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Monday, January 6th, Orbimed Advisors Llc sold 19,481 shares of Passage Bio stock. The stock was sold at an average price of $0.77, for a total value of $15,000.37.
• On Friday, December 20th, Orbimed Advisors Llc sold 230,321 shares of Passage Bio stock. The stock was 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 transaction of $64.00.
• On Monday, December 9th, Orbimed Advisors Llc sold 54,181 shares of Passage Bio stock. The stock was sold at an average price of $0.84, for a total transaction 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 stock was sold at an average price of $0.79, for a total value of $60,198.00.

Passage Bio Price Performance

Passage Bio stock traded down $0.04 during trading hours on Wednesday, reaching $0.66. The stock had a trading volume of 434,014 shares, compared to its average volume of 1,794,442. The company has a market cap of $40.70 million, a price-to-earnings ratio of -0.56 and a beta of 1.54. The business’s 50 day moving average price is $0.68 and its 200-day moving average price is $0.73. Passage Bio, Inc. has a 52 week low of $0.45 and a 52 week high of $1.79.

Institutional Investors Weigh In On Passage Bio

Several institutional investors have recently bought and sold shares of PASG. Erste Asset Management GmbH acquired a new stake in shares of Passage Bio in the 3rd quarter worth $1,718,000. Lynx1 Capital Management LP lifted its holdings in shares of Passage Bio by 4.4% in the 2nd quarter. Lynx1 Capital Management LP now owns 5,057,629 shares of the company’s stock valued at $4,017,000 after buying an additional 211,758 shares during the period. Landscape Capital Management L.L.C. purchased a new position in Passage Bio in the third quarter valued at $38,000. Vestal Point Capital LP raised its position in shares of Passage Bio by 0.8% in the third 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 during the period. Finally, Geode Capital Management LLC boosted its stake 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. 53.48% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Canaccord Genuity Group reissued a “buy” rating and set a $13.00 price target on shares of Passage Bio in a research report on Thursday, November 14th. Wedbush initiated coverage on shares of Passage Bio in a research report on Friday, November 29th. They set an “outperform” rating and a $4.00 target price on the stock. Finally, Chardan Capital reiterated a “buy” rating and set a $7.00 price objective on shares of Passage Bio in a research note 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.