Insider Selling: Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells 230,321 Shares of Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 230,321 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $0.60, for a total transaction of $138,192.60. Following the sale, the insider now owns 7,404,869 shares in the company, valued at $4,442,921.40. The trade was a 3.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

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

• On Wednesday, December 11th, Orbimed Advisors Llc sold 80 shares of Passage Bio stock. The stock was 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 shares were 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 stock was 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 Down 0.4 %

PASG opened at $0.66 on Friday. The firm has a market cap of $40.58 million, a P/E ratio of -0.56 and a beta of 1.43. The business’s fifty day simple moving average is $0.67 and its 200 day simple moving average is $0.75. Passage Bio, Inc. has a 52 week low of $0.45 and a 52 week high of $1.79.

Wall Street Analysts Forecast Growth

PASG has been the topic of several research reports. Canaccord Genuity Group reissued a “buy” rating and issued a $13.00 target price on shares of Passage Bio in a report on Thursday, November 14th. Chardan Capital reissued a “buy” rating and issued a $7.00 price objective on shares of Passage Bio in a research note 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 for the company. Finally, Rodman & Renshaw assumed coverage on shares of Passage Bio in a report on Tuesday, September 3rd. They issued a “buy” rating and a $7.00 price target on the stock.

Institutional Investors Weigh In On Passage Bio

Hedge funds have recently modified their holdings of the company. Erste Asset Management GmbH acquired a new position in shares of Passage Bio in the third quarter valued at approximately $1,718,000. Lynx1 Capital Management LP raised its holdings in 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 acquiring an additional 211,758 shares during the last quarter. Geode Capital Management LLC lifted 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 purchasing an additional 78,406 shares during the period. Landscape Capital Management L.L.C. acquired a new stake in shares of Passage Bio during the third quarter worth $38,000. Finally, Vestal Point Capital LP grew 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 valued at $4,270,000 after purchasing an additional 48,000 shares during the period. 53.48% of the stock is owned by institutional investors and hedge funds.

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.