Insider Selling: Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells $15,000.37 in Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 19,481 shares of Passage Bio stock in a transaction on Monday, January 6th. The stock was sold at an average price of $0.77, for a total transaction of $15,000.37. Following the transaction, the insider now directly owns 7,385,388 shares of the company’s stock, valued at approximately $5,686,748.76. This trade represents a 0.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions 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 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 Stock Performance

PASG opened at $0.67 on Friday. Passage Bio, Inc. has a 52-week low of $0.45 and a 52-week 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. The business’s fifty day moving average is $0.68 and its 200-day moving average is $0.73.

Wall Street Analyst Weigh In

PASG has been the subject of a number of recent research reports. Chardan Capital restated a “buy” rating and issued a $7.00 price target on shares of Passage Bio in a research note on Thursday, November 14th. Wedbush assumed 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. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $13.00 target price on shares of Passage Bio in a report on Thursday, November 14th.

Institutional Investors Weigh In On Passage Bio

A number of large investors have recently bought and sold shares of the company. Erste Asset Management GmbH acquired a new position in shares of Passage Bio in the 3rd quarter valued at approximately $1,718,000. Lynx1 Capital Management LP increased its stake in Passage Bio by 4.4% in 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. acquired a new position in Passage Bio during the third quarter valued at approximately $38,000. Vestal Point Capital LP lifted its stake 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 worth $4,270,000 after purchasing an additional 48,000 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Passage Bio by 18.2% during the third quarter. Geode Capital Management LLC now owns 509,516 shares of the company’s stock worth $357,000 after purchasing an additional 78,406 shares during the last quarter. 53.48% of the stock is currently owned by institutional investors and hedge funds.

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.