Insider Selling: Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells 230,321 Shares of Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 230,321 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $0.60, for a total transaction of $138,192.60. Following the sale, the insider now directly owns 7,404,869 shares in the company, valued at $4,442,921.40. This trade represents a 3.02 % 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 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 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 transaction of $60,198.00.

Passage Bio Stock Performance

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

Hedge Funds Weigh In On Passage Bio

Several large investors have recently modified their holdings of the business. Lynx1 Capital Management LP increased its position in Passage Bio by 4.4% during the 2nd 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 period. Landscape Capital Management L.L.C. bought a new position in Passage Bio during the third quarter worth $38,000. Vestal Point Capital LP boosted its position in 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 acquiring an additional 48,000 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in Passage Bio during the 3rd quarter worth about $1,718,000. 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.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Chardan Capital reiterated a “buy” rating and issued a $7.00 price target on shares of Passage Bio in a research note on Thursday, November 14th. Wedbush began coverage on Passage Bio in a research report on Friday, November 29th. They set an “outperform” rating and a $4.00 price target on the stock. Rodman & Renshaw assumed coverage on Passage Bio in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $7.00 price target on the stock. Finally, Canaccord Genuity Group restated a “buy” rating and set a $13.00 price objective on shares of Passage Bio in a research report 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.