Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Orbimed Advisors Llc Sells 75,007 Shares

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 75,007 shares of the 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 sale, the insider now directly owns 7,257,845 shares in the company, valued at $4,935,334.60. This trade represents a 1.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 transaction of $15,000.37.
• 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 value of $138,192.60.
• 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 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 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. 434,014 shares of the company traded hands, compared to its average volume of 1,794,442. Passage Bio, Inc. has a 52 week low of $0.45 and a 52 week high of $1.79. The firm has a 50 day moving average of $0.68 and a 200-day moving average of $0.73. The stock has a market cap of $40.70 million, a price-to-earnings ratio of -0.56 and a beta of 1.54.

Wall Street Analyst Weigh In

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

Institutional Trading of Passage Bio

Large investors have recently added to or reduced their stakes in the company. Landscape Capital Management L.L.C. purchased a new position in shares of Passage Bio in the 3rd quarter worth approximately $38,000. Geode Capital Management LLC lifted its position in Passage Bio by 18.2% in the third quarter. Geode Capital Management LLC now owns 509,516 shares of the company’s stock worth $357,000 after buying an additional 78,406 shares during the last quarter. Erste Asset Management GmbH purchased a new position in Passage Bio during the third quarter worth $1,718,000. Lynx1 Capital Management LP increased its position in Passage Bio by 4.4% during the second 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. Finally, Vestal Point Capital LP raised 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 valued at $4,270,000 after acquiring an additional 48,000 shares during the period. Institutional investors own 53.48% of the company’s stock.

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.