Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells $17,140.46 in Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 20,903 shares of the business’s 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 sale, the insider now directly owns 7,697,466 shares in the company, valued at $6,311,922.12. This trade represents 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 at the SEC website. Major shareholders that own at least 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 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 stock was sold at an average price of $0.74, for a total transaction of $46,694.00.

Passage Bio Price Performance

Passage Bio stock opened at $0.78 on Friday. Passage Bio, Inc. has a fifty-two week low of $0.45 and a fifty-two week high of $1.79. The firm has a market capitalization of $47.87 million, a PE ratio of -0.66 and a beta of 1.43. The company’s 50-day moving average is $0.64 and its 200-day moving average is $0.80.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vestal Point Capital LP grew its stake in Passage Bio by 0.8% in the 3rd quarter. Vestal Point Capital LP now owns 6,100,000 shares of the company’s stock valued at $4,270,000 after buying an additional 48,000 shares during the last quarter. Lynx1 Capital Management LP grew 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 buying an additional 211,758 shares during the last quarter. Erste Asset Management GmbH acquired a new position in Passage Bio in the 3rd quarter valued at about $1,718,000. Vanguard Group Inc. grew its stake in Passage Bio by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 2,071,538 shares of the company’s stock valued at $2,797,000 after buying an additional 52,656 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in 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 buying an additional 78,406 shares during the last quarter. Institutional investors and hedge funds own 53.48% of the company’s stock.

Wall Street Analyst Weigh In

PASG has been the topic of several recent analyst reports. Wedbush initiated coverage on shares of Passage Bio in a research note on Friday, November 29th. They set an “outperform” rating and a $4.00 price objective on the stock. Canaccord Genuity Group restated a “buy” rating and set a $13.00 price objective on shares of Passage Bio in a research note on Thursday, November 14th. Rodman & Renshaw initiated coverage on shares of Passage Bio in a research note on Tuesday, September 3rd. They set a “buy” rating and a $7.00 price objective on the stock. Finally, Chardan Capital restated a “buy” rating and set a $7.00 price objective on shares of Passage Bio in a research note 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.