Insider Selling: Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells 19,481 Shares of Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 19,481 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $0.77, for a total transaction of $15,000.37. Following the completion of the sale, the insider now owns 7,385,388 shares in the company, valued at approximately $5,686,748.76. The trade was a 0.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Large 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, 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 transaction of $51,004.76.
• 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 transaction 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 shares were 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 shares were sold at an average price of $0.79, for a total value of $60,198.00.

Passage Bio Price Performance

Passage Bio stock opened at $0.67 on Friday. The stock’s 50 day moving average is $0.68 and its 200 day moving average is $0.73. Passage Bio, Inc. has a one year low of $0.45 and a one year high of $1.79. The firm has a market cap of $41.38 million, a P/E ratio of -0.57 and a beta of 1.54.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Erste Asset Management GmbH acquired a new stake in shares of Passage Bio during the third quarter worth $1,718,000. Lynx1 Capital Management LP boosted 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 acquiring an additional 211,758 shares during the last quarter. Landscape Capital Management L.L.C. bought a new position in shares of Passage Bio in the 3rd quarter worth about $38,000. Vestal Point Capital LP raised its position in shares of Passage Bio by 0.8% in the 3rd quarter. Vestal Point Capital LP now owns 6,100,000 shares of the company’s stock worth $4,270,000 after acquiring an additional 48,000 shares in the last quarter. Finally, 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. Institutional investors own 53.48% of the company’s stock.

Analysts Set New Price Targets

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