Insider Selling: Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells 126,209 Shares of Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 126,209 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $0.66, for a total value of $83,297.94. Following the transaction, the insider now directly owns 7,131,636 shares in the company, valued at $4,706,879.76. This represents a 1.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Monday, January 13th, Orbimed Advisors Llc sold 17,986 shares of Passage Bio stock. The shares were sold at an average price of $0.64, for a total value of $11,511.04.
• 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 value of $51,004.76.
• On Monday, January 6th, Orbimed Advisors Llc sold 19,481 shares of Passage Bio stock. The shares were 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 stock was 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 value 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 value 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 stock was sold at an average price of $0.79, for a total value of $60,198.00.

Passage Bio Stock Down 6.7 %

Shares of NASDAQ PASG traded down $0.04 during midday trading on Tuesday, hitting $0.60. The stock had a trading volume of 418,938 shares, compared to its average volume of 1,249,067. The company has a market capitalization of $36.87 million, a PE ratio of -0.51 and a beta of 1.54. The stock has a 50 day simple moving average of $0.68 and a 200-day simple moving average of $0.72. Passage Bio, Inc. has a 1 year low of $0.45 and a 1 year high of $1.79.

Institutional Investors Weigh In On Passage Bio

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Landscape Capital Management L.L.C. acquired a new stake in shares of Passage Bio in the third quarter valued at approximately $38,000. Geode Capital Management LLC increased 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 valued at $357,000 after purchasing an additional 78,406 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in shares of Passage Bio in the third quarter valued at approximately $1,718,000. 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 last quarter. Finally, Vestal Point Capital LP increased its holdings 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 purchasing an additional 48,000 shares during the last quarter. Institutional investors and hedge funds own 53.48% of the company’s stock.

Analysts Set New Price Targets

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