Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells $138,192.60 in Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 230,321 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $0.60, for a total transaction of $138,192.60. Following the transaction, the insider now owns 7,404,869 shares in the company, valued at $4,442,921.40. This represents a 3.02 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Large shareholders that own at least 10% 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 Monday, December 9th, Orbimed Advisors Llc sold 54,181 shares of Passage Bio stock. The stock was 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 shares were 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.

Passage Bio Trading Up 1.3 %

Shares of Passage Bio stock traded up $0.01 during trading on Thursday, hitting $0.66. The stock had a trading volume of 137,636 shares, compared to its average volume of 350,683. The firm has a market cap of $40.76 million, a price-to-earnings ratio of -0.56 and a beta of 1.43. The business’s 50-day moving average is $0.66 and its 200 day moving average is $0.75. Passage Bio, Inc. has a 12 month low of $0.45 and a 12 month high of $1.79.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Passage Bio

A number of hedge funds and other institutional investors have recently bought and sold shares of PASG. Erste Asset Management GmbH purchased a new position in Passage Bio in the 3rd quarter worth $1,718,000. Lynx1 Capital Management LP raised its stake 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 acquiring an additional 211,758 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Passage Bio by 18.2% in the third 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 in the last quarter. Landscape Capital Management L.L.C. purchased a new stake in Passage Bio in the third quarter worth about $38,000. Finally, Vestal Point Capital LP boosted its position in shares of Passage Bio by 0.8% during 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 in the last quarter. Hedge funds and other institutional investors own 53.48% of the company’s stock.

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.