Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells $45,512.04 in Stock

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 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own 10% or more 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 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 value 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 transaction 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 transaction of $60,198.00.
• On Wednesday, September 18th, Orbimed Advisors Llc sold 25,631 shares of Passage Bio stock. The shares were sold at an average price of $0.73, for a total value 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 value of $46,694.00.

Passage Bio Stock Down 3.1 %

NASDAQ:PASG opened at $0.76 on Friday. Passage Bio, Inc. has a twelve month low of $0.45 and a twelve month high of $1.79. The stock has a market cap of $46.88 million, a P/E ratio of -0.65 and a beta of 1.43. The firm’s fifty day simple moving average is $0.65 and its 200 day simple moving average is $0.79.

Hedge Funds Weigh In On Passage Bio

Several hedge funds and other institutional investors have recently modified their holdings of PASG. Vestal Point Capital LP boosted its position in Passage Bio by 0.8% during the 3rd quarter. Vestal Point Capital LP now owns 6,100,000 shares of the company’s stock valued at $4,270,000 after acquiring an additional 48,000 shares in the last quarter. Vanguard Group Inc. grew its position 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 buying an additional 52,656 shares during the period. Landscape Capital Management L.L.C. bought a new position in shares of Passage Bio in the 3rd quarter worth about $38,000. Geode Capital Management LLC lifted its position in Passage Bio by 18.2% during the 3rd quarter. Geode Capital Management LLC now owns 509,516 shares of the company’s stock valued at $357,000 after acquiring an additional 78,406 shares during the period. Finally, Lynx1 Capital Management LP lifted its holdings in shares of 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 purchasing an additional 211,758 shares during the last quarter. Hedge funds and other institutional investors own 53.48% of the company’s stock.

Analyst Ratings Changes

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