Insider Selling: Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells 17,986 Shares of Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 17,986 shares of the business’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $0.64, for a total transaction of $11,511.04. Following the transaction, the insider now owns 7,113,650 shares in the company, valued at $4,552,736. This represents a 0.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 Friday, January 10th, Orbimed Advisors Llc sold 126,209 shares of Passage Bio stock. The shares were sold at an average price of $0.66, for a total transaction of $83,297.94.
• On Wednesday, January 8th, Orbimed Advisors Llc sold 75,007 shares of Passage Bio stock. The stock was sold at an average price of $0.68, for a total value of $51,004.76.
• 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 value 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 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 6.7 %

PASG traded down $0.04 during trading on Tuesday, hitting $0.60. 418,938 shares of the company traded hands, compared to its average volume of 1,249,067. Passage Bio, Inc. has a one year low of $0.45 and a one year high of $1.79. The stock’s fifty day moving average is $0.68 and its 200 day moving average is $0.72. The firm has a market cap of $36.87 million, a P/E ratio of -0.51 and a beta of 1.54.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Passage Bio

Hedge funds have recently modified their holdings of the stock. Landscape Capital Management L.L.C. bought a new position in Passage Bio during the third quarter valued at $38,000. Geode Capital Management LLC increased its holdings in Passage Bio by 18.2% in the 3rd quarter. Geode Capital Management LLC now owns 509,516 shares of the company’s stock worth $357,000 after acquiring an additional 78,406 shares during the last quarter. Erste Asset Management GmbH purchased a new stake in Passage Bio in the 3rd quarter worth about $1,718,000. Lynx1 Capital Management LP raised 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 valued at $4,017,000 after acquiring an additional 211,758 shares during the period. Finally, Vestal Point Capital LP lifted its holdings in 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 last quarter. 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.