Insider Selling: Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells 20,903 Shares of Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 20,903 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $0.82, for a total transaction of $17,140.46. Following the completion of the transaction, the insider now owns 7,697,466 shares of the company’s stock, valued at approximately $6,311,922.12. The trade was a 0.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• 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.
• On Wednesday, September 18th, Orbimed Advisors Llc sold 25,631 shares of Passage Bio stock. The stock was sold at an average price of $0.73, for a total transaction of $18,710.63.
• On Monday, September 16th, Orbimed Advisors Llc sold 63,100 shares of Passage Bio stock. The shares were sold at an average price of $0.74, for a total transaction of $46,694.00.

Passage Bio Price Performance

Shares of PASG stock traded up $0.07 during trading hours on Friday, hitting $0.78. The stock had a trading volume of 356,512 shares, compared to its average volume of 344,352. The stock has a market capitalization of $47.87 million, a price-to-earnings ratio of -0.66 and a beta of 1.43. The stock’s 50-day moving average price is $0.64 and its two-hundred day moving average price is $0.80. Passage Bio, Inc. has a one year low of $0.45 and a one year high of $1.79.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC raised its holdings in shares of 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 period. Erste Asset Management GmbH bought a new stake in shares of Passage Bio during the third quarter worth $1,718,000. Vestal Point Capital LP boosted its stake in shares of Passage Bio by 0.8% during 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. Landscape Capital Management L.L.C. bought a new position in shares of Passage Bio in the third quarter worth about $38,000. Finally, Lynx1 Capital Management LP increased its stake 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 worth $4,017,000 after buying an additional 211,758 shares during the period. 53.48% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PASG. Chardan Capital reissued a “buy” rating and set a $7.00 price objective on shares of Passage Bio in a research report on Thursday, November 14th. Wedbush assumed coverage on Passage Bio in a research report on Friday, November 29th. They issued an “outperform” rating and a $4.00 price target for the company. Rodman & Renshaw started coverage on shares of Passage Bio in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $7.00 price target for the company. Finally, Canaccord Genuity Group restated a “buy” rating and set a $13.00 price objective on shares of Passage Bio in a research report 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.