Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells $51,004.76 in Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 75,007 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 7,257,845 shares of the company’s stock, valued at $4,935,334.60. The trade was a 1.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Major shareholders that own at least 10% 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 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 transaction 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 value 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 Trading Down 5.9 %

Shares of PASG stock opened at $0.66 on Friday. The company’s fifty day moving average price is $0.68 and its 200-day moving average price is $0.73. The stock has a market cap of $40.70 million, a PE ratio of -0.56 and a beta of 1.54. Passage Bio, Inc. has a 12 month low of $0.45 and a 12 month high of $1.79.

Institutional Investors Weigh In On Passage Bio

Hedge funds and other institutional investors have recently bought and sold shares of the business. Landscape Capital Management L.L.C. purchased a new position in shares of Passage Bio during the third quarter valued at approximately $38,000. Geode Capital Management LLC increased its position in Passage Bio by 18.2% during the 3rd quarter. Geode Capital Management LLC now owns 509,516 shares of the company’s stock valued at $357,000 after buying an additional 78,406 shares in the last quarter. Erste Asset Management GmbH purchased a new position in Passage Bio during the third quarter valued at $1,718,000. Lynx1 Capital Management LP boosted its holdings in Passage Bio by 4.4% in the second 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 grew its stake 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 last quarter. Hedge funds and other institutional investors own 53.48% of the company’s stock.

Analysts Set New Price Targets

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

About Passage Bio

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.