Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Orbimed Advisors Llc Sells 19,481 Shares

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 19,481 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $0.77, for a total transaction of $15,000.37. Following the transaction, the insider now owns 7,385,388 shares in the company, valued at $5,686,748.76. This trade represents a 0.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large 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 shares were sold at an average price of $0.68, for a total transaction 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 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 shares were sold at an average price of $0.82, for a total transaction 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 transaction 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.

Hedge Funds Weigh In On Passage Bio

Several hedge funds and other institutional investors have recently modified their holdings of PASG. Vestal Point Capital LP increased its stake in Passage Bio by 0.8% during the 3rd 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 in the last quarter. Landscape Capital Management L.L.C. purchased a new position in Passage Bio in the 3rd quarter worth $38,000. Geode Capital Management LLC grew its stake 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 purchasing an additional 78,406 shares during the last quarter. Lynx1 Capital Management LP increased its holdings in shares of Passage Bio by 4.4% in the second quarter. Lynx1 Capital Management LP now owns 5,057,629 shares of the company’s stock valued at $4,017,000 after purchasing an additional 211,758 shares during the period. Finally, Erste Asset Management GmbH purchased a new position in shares of Passage Bio in the third quarter worth about $1,718,000. 53.48% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Wedbush assumed coverage on shares of Passage Bio in a research note on Friday, November 29th. They issued an “outperform” rating and a $4.00 price objective for the company. Chardan Capital reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Passage Bio in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued 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.