Orbimed Advisors Llc Sells 75,007 Shares of Passage Bio, Inc. (NASDAQ:PASG) Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 75,007 shares of Passage Bio stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $0.68, for a total value of $51,004.76. Following the completion of the sale, the insider now directly owns 7,257,845 shares of the company’s stock, valued at approximately $4,935,334.60. This trade represents a 1.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Orbimed Advisors Llc also recently made the following trade(s):

• On Monday, January 6th, Orbimed Advisors Llc sold 19,481 shares of Passage Bio stock. The stock was sold at an average price of $0.77, for a total transaction of $15,000.37.
• 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 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 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 shares were sold at an average price of $0.79, for a total transaction of $60,198.00.

Passage Bio Stock Performance

NASDAQ PASG opened at $0.66 on Friday. Passage Bio, Inc. has a 52-week low of $0.45 and a 52-week high of $1.79. The company has a fifty day moving average of $0.68 and a 200-day moving average of $0.73. The company has a market capitalization of $40.70 million, a P/E ratio of -0.56 and a beta of 1.54.

Institutional Investors Weigh In On Passage Bio

Several hedge funds have recently added to or reduced their stakes in the company. Erste Asset Management GmbH bought a new position in shares of Passage Bio during the 3rd quarter valued at about $1,718,000. Lynx1 Capital Management LP boosted 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 worth $4,017,000 after buying an additional 211,758 shares in the last quarter. Geode Capital Management LLC grew its position in Passage Bio by 18.2% during 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 during the last quarter. Landscape Capital Management L.L.C. purchased a new position in shares of Passage Bio during the third quarter worth approximately $38,000. Finally, Vestal Point Capital LP lifted its holdings in shares of Passage Bio by 0.8% in the 3rd quarter. Vestal Point Capital LP now owns 6,100,000 shares of the company’s stock worth $4,270,000 after acquiring an additional 48,000 shares during the last quarter. Institutional investors own 53.48% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Wedbush assumed coverage on shares of Passage Bio in a research note on Friday, November 29th. They issued an “outperform” rating and a $4.00 target price on the stock. Canaccord Genuity Group restated a “buy” rating and set a $13.00 target price on shares of Passage Bio in a research report on Thursday, November 14th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $7.00 price target on shares of Passage Bio in a 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.