Insider Selling: Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells 25,631 Shares of Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 25,631 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $0.73, for a total value of $18,710.63. Following the transaction, the insider now directly owns 7,833,869 shares of the company’s stock, valued at approximately $5,718,724.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own 10% or more 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 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 value of $46,694.00.

Passage Bio Stock Down 2.7 %

Shares of NASDAQ PASG opened at $0.68 on Friday. The company has a 50-day moving average of $0.80 and a 200 day moving average of $1.08. Passage Bio, Inc. has a 12-month low of $0.58 and a 12-month high of $1.79.

Passage Bio (NASDAQ:PASG) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.05. As a group, research analysts forecast that Passage Bio, Inc. will post -0.94 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Rodman & Renshaw began coverage on Passage Bio in a report on Tuesday, September 3rd. They issued a “buy” rating and a $7.00 price objective on the stock.

Institutional Trading of Passage Bio

Several large investors have recently added to or reduced their stakes in PASG. Pale Fire Capital SE boosted its position in shares of Passage Bio by 489.1% during the 4th quarter. Pale Fire Capital SE now owns 581,257 shares of the company’s stock valued at $587,000 after acquiring an additional 482,595 shares during the last quarter. Vanguard Group Inc. raised its stake in Passage Bio by 2.6% during the first quarter. Vanguard Group Inc. now owns 2,071,538 shares of the company’s stock worth $2,797,000 after purchasing an additional 52,656 shares during the period. Acadian Asset Management LLC boosted its holdings in Passage Bio by 59.0% in the 1st quarter. Acadian Asset Management LLC now owns 961,271 shares of the company’s stock valued at $1,296,000 after purchasing an additional 356,593 shares during the last quarter. Affinity Asset Advisors LLC purchased a new stake in shares of Passage Bio in the 1st quarter valued at approximately $357,000. Finally, Lynx1 Capital Management LP grew its stake in shares of Passage Bio by 1,178.1% in the 1st quarter. Lynx1 Capital Management LP now owns 4,845,871 shares of the company’s stock valued at $6,542,000 after buying an additional 4,466,712 shares during the period. 53.48% of the stock is currently owned by hedge funds and other institutional investors.

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.