Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells 54,181 Shares

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 54,181 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $0.84, for a total value of $45,512.04. Following the transaction, the insider now directly owns 7,643,285 shares of the company’s stock, valued at approximately $6,420,359.40. The trade was a 0.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Major shareholders that own more than 10% 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 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 transaction of $64.00.
• 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.
• 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 Stock Down 4.4 %

PASG traded down $0.03 during midday trading on Wednesday, hitting $0.76. The company had a trading volume of 70,554 shares, compared to its average volume of 342,998. The stock’s 50 day moving average price is $0.64 and its 200 day moving average price is $0.79. The company has a market capitalization of $46.82 million, a price-to-earnings ratio of -0.68 and a beta of 1.43. Passage Bio, Inc. has a 52 week low of $0.45 and a 52 week high of $1.79.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PASG. Vanguard Group Inc. raised its holdings in shares of Passage Bio by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 2,071,538 shares of the company’s stock worth $2,797,000 after acquiring an additional 52,656 shares during the last quarter. Lynx1 Capital Management LP grew 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 buying an additional 211,758 shares during the period. Landscape Capital Management L.L.C. bought a new stake in shares of Passage Bio in the 3rd quarter worth approximately $38,000. Vestal Point Capital LP lifted its stake 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. Finally, Erste Asset Management GmbH bought a new position in shares of Passage Bio during the 3rd quarter worth $1,718,000. 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.