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 stock in a transaction on Friday, December 20th. The shares were sold at an average price of $0.60, for a total value of $138,192.60. Following the completion of the sale, the insider now owns 7,404,869 shares in the company, valued at approximately $4,442,921.40. The trade was a 3.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Large 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 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 transaction 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 transaction of $60,198.00.

Passage Bio Price Performance

NASDAQ PASG opened at $0.66 on Friday. The company has a fifty day moving average of $0.67 and a two-hundred day moving average of $0.75. The company has a market capitalization of $40.58 million, a PE ratio of -0.56 and a beta of 1.43. Passage Bio, Inc. has a 1 year low of $0.45 and a 1 year high of $1.79.

Institutional Trading of Passage Bio

Institutional investors and hedge funds have recently bought and sold shares of the business. Vestal Point Capital LP grew its holdings 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 worth $4,270,000 after buying an additional 48,000 shares during the last quarter. Lynx1 Capital Management LP lifted 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 worth $4,017,000 after acquiring an additional 211,758 shares during the period. Erste Asset Management GmbH purchased a new position in shares of Passage Bio in the 3rd quarter valued at approximately $1,718,000. Geode Capital Management LLC increased its holdings in shares of 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 purchasing an additional 78,406 shares during the period. Finally, Landscape Capital Management L.L.C. purchased a new stake in shares of Passage Bio during the third quarter worth approximately $38,000. Hedge funds and other institutional investors own 53.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Rodman & Renshaw started coverage on shares of Passage Bio in a research report on Tuesday, September 3rd. They set a “buy” rating and a $7.00 price objective for the company. Chardan Capital reaffirmed a “buy” rating and set a $7.00 price objective on shares of Passage Bio in a research report on Thursday, November 14th. Canaccord Genuity Group reissued a “buy” rating and set a $13.00 target price on shares of Passage Bio in a research report on Thursday, November 14th. Finally, Wedbush initiated coverage on Passage Bio in a report on Friday, November 29th. They issued an “outperform” rating and a $4.00 price target for the company.

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.