Insider Selling: Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells 75,007 Shares of Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 75,007 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $0.68, for a total transaction of $51,004.76. Following the sale, the insider now owns 7,257,845 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Large 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 value 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 Stock Up 1.7 %

PASG stock opened at $0.67 on Friday. Passage Bio, Inc. has a twelve month low of $0.45 and a twelve month high of $1.79. The company has a market cap of $41.38 million, a P/E ratio of -0.57 and a beta of 1.54. The business has a fifty day moving average of $0.68 and a 200-day moving average of $0.73.

Institutional Investors Weigh In On Passage Bio

Institutional investors and hedge funds have recently modified their holdings of the business. Landscape Capital Management L.L.C. bought a new position in Passage Bio in the third quarter valued at approximately $38,000. Geode Capital Management LLC lifted its stake in shares of Passage Bio by 18.2% in 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 period. Erste Asset Management GmbH bought a new position in shares of Passage Bio in the 3rd quarter worth $1,718,000. Lynx1 Capital Management LP grew its stake in shares of Passage Bio by 4.4% during the second quarter. Lynx1 Capital Management LP now owns 5,057,629 shares of the company’s stock worth $4,017,000 after purchasing an additional 211,758 shares during the period. Finally, Vestal Point Capital LP increased its holdings in 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 purchasing an additional 48,000 shares during the last quarter. 53.48% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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